Futures Close 04/03/22

Market reaction to the Russia / Ukraine situation continues to drive prices.  US CBOT wheat futures market  is up circa 40% week on week.

Argentina have announced plans for domestic price controls on wheat to control  food price inflation through a pricing mechanism.  This is due to remain in place until 2024.  Arg currently restricts annual wheat exports to 14.5 million tonnes from the 21/22 harvest, of which 13.6 million tonnes is already shipped.