Russia says food bans to have no impact on grain exports
Prices fell back, however on Thursday with CBOT September wheat off 0.9 percent at $5.62-3/4 a bushel at 1303 GMT.
"I don't think the sanctions have fundamentally changed anything. Russia is still competitive on the (wheat) export market and production looks likely to have exceeded expectations," said Macquarie analyst Christopher Gadd.
"These countries are friendly to us... That's why everything is quite predictable for us on the grain market and grain exports," Fyodorov said.
The largest buyers of Russian wheat in 2013/14 (July/June) were Egypt, Turkey, Yemen and Iran. Turkey and South Korea were the most important markets for maize (corn) while Saudi Arabia took more than half its barley exports.
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