Wheat markets have been focused on Ukraine’s improving export logistics but they might want to take a sideways glance at a neighboring country, says an analyst. SovEcon analyst Andrey Sizov estimates that Russia’s exports for July and August, the first two months of the 2022-23 marketing campaign, will amount to a disappointing 5.9 million tonnes. That would be 27 percent below last year’s levels and the lowest volume since 2017-18. He attributes the poor performance to elevated f.o.b. Russian prices caused by a strong ruble and an export tax that amounts to about US$80 per tonne.