The Ministry of agriculture, U.S. (USDA) published its latest report on global grain markets, where almost 10% of its forecast for wheat exports from Russia in 2014-2015 marketing year from 22 million tonnes to 20 million tonnes.

The USDA also raised its forecast of deliveries of wheat from Ukraine and the EU in 2014-2015 agricultural year by 3% to 30 million tons and almost 7% to 11 million tonnes, respectively.

"Exports to Russia decreased as a result of export duties, which will take effect from 1 February. Forecasts exports to the EU and Ukraine increased, as they are in the best position to reap the benefits from the reduction of Russia's presence in the market", - the report says the USDA.

Recall that on February 1, Russia imposes export duties on wheat in the amount of 15% of the customs value plus 7.5 euros, but not less than 35 Euro per 1 ton. The Government hope that this measure will help to prevent a sharp increase in domestic prices.