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Pullback Considered Corrective

AUDUSD TECHS

Holding Above Recent Lows

US EURODLR OPTIONS

BLOCK, Large 3Y Midcurve Put Condor

RUSSIA
  • Local consultant SovEcon says he new floating wheat-export tax under consideration in Russia is likely to curb spring plantings 1.5m-2m tons (2.6%) from its prior Russian 2021 wheat-crop forecast of 77.7m tons
  • From 2022, the long-term increase in Russia's wheat output could "reverse sharply" and Winter-wheat area sown in autumn for the 2022 harvest may drop 5-10%
  • If implemented, new tax regime means Russia's crop-growing industry may lose ~$4.8b in revenue in the 2021-22 season
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