Ole HansenOle Hansen , Head of Commodity Strategy, Saxo Bank
Denmark, 08 August 2012 at 09:27 GMT+0
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Wheat price a tad lower following a comment from the head of Russia's grain union who said that restrictions are "not needed under any harvest scenario". At the same time he forecast an exportable surplus of 12-13 million tons, somewhat higher than the 10 million that was estimated by others last week. This comment comes ahead of the Food security committee meeting in Moscow today at 13:30 CET which could determine whether restrictions needs to be put in place.

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Saxo Bank provides an execution-only service. The material on this website does not contain (and should not be construed as containing) investment advice or an investment recommendation, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Saxo Bank accepts no responsibility for any use that may be made of these comments and for any consequences that result.

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