With the value of the rouble at record lows, food prices in Russia are under inflationary pressure. As such, it was reported on Monday that the Russian ministry for agriculture is considering food export restrictions or tariffs to keep food in the country and ease inflationary pressure.

The news helped European wheat futures rally during Monday’s trade, while maize and rapeseed held firm. In the US, wheat prices also rallied, while maize was generally static. International markets remain nervous as oil continues to hover around the $30/barrel mark.

Europe

On the Euronext exchange (MATIF) in Paris, wheat for May 2016 delivery gained by more than €2/t to settle just below €172/t, while May 2017 delivered wheat also improved by €2/t to finish below €186/t.

Maize (corn) futures in Paris also enjoyed some gains, with June 2016 maize gaining slightly to edge above €164/t, while prices for June 2017 delivered maize eased back slightly to €177/t after the massive gains recorded last Friday.

Rapeseed futures, which can emulate oil price trends, were down marginally, but steady overall. May 2016 delivered rapeseed fell slightly to below €364/t, while May 2017 rapeseed dipped below the €358/t mark.

Chicago

The news coming from Russia also helped lift wheat futures on the grain market in Chicago (CBOT).

SRW wheat for May 2016 delivery gained more than $2/t to settle below $179/t (€165/t), while May 2017 delivered SRW wheat was also up by $2/t to finish at more than $194/t (€180/t).

US maize (corn) prices were steady to mixed during Monday’s trade in Chicago. May 2016 delivered maize held steady just below $148/t (€136/t), while maize for May 2017 delivery lost $2/t to end Monday’s trade at $158/t (€146/t).