The director of market research for the CWB doesn't think a Russian export ban on grain is likely to occur.
Neil Townsend says if Russia does act, it will be several months away and the impact will be minimal because it will happen with they only have a million or a million and a half tonnes left to export.
He notes that Russia's foreign policy has also been hurting the situation.
"They're sensitive about the wheat," he said. "There is some bad weather in one of their key growing areas right now. Their ruble's getting pounded, just like Canada it's a petrocurrency but unlike Canada they also have a government that's been making a lot of geo-political missteps in the global context...That's been driving the ruble down to historically low levels."
Source: PoratgeOnline