Looking to the west for wheat?

Could Egypt be turning to Canada and the US for more of its wheat? Russia’s new wheat-export restrictions that come into effect mid-February will likely spark demand for Canadian and US grain, Bloomberg writes. In a bid to cool domestic food inflation, the world’s largest wheat shipper imposed strict export measures, rallying global prices to a six-year high. The export tax is expected to rise even further for four months starting March. Closer to home, Egypt had canceled a grain tender two weeks ago, due to the high prices resulting from the new export restrictions. Analysts suspect countries to now look further west to the US and Canada for wheat imports, since the EU does not have sufficient supply.