The price of March wheat futures on the Chicago Mercantile Exchange (CME) fell by more than 2.6%. This is due to a temporary ban on the export of Russian durum wheat. Relevant order entered into force on December 11.
According to the text of the order, a ban has been introduced on the export of wheat from December 11, 2023 to May 31, 2024. The resolution on the temporary ban also applies to wheat released by customs authorities, but not actually exported from the territory of Russia before the day the document comes into force in the absence of an order for loading onto a sea vessel or accepted for transportation by rail.
The export ban also does not apply to the provision of humanitarian aid, export from Russian territory to Abkhazia and South Ossetia, or as supplies. Export to the countries of the Eurasian Economic Union is allowed within the limits of quotas established by the government and with the permission of the Ministry of Agriculture. The document was signed by Prime Minister Mikhail Mishustin.
November 23 subcommittee on customs, tariff and non-tariff regulation of the government made a decision introduce a temporary ban on the export of Russian wheat from December 1 to May 31, 2024. However, the government order came into force only on December 11.