JPMorgan says Russia could remain a major exporter of wheat in 2012, barring significant capacity constraints, as production in the Black Sea region rebounded significantly this year from drought-hit 2010 levels. Notes that despite total global wheat production likely remaining comfortable heading into the coming year, higher-protein wheat varieties will still be in tighter supply. Adds another emerging risk is that a severe drought has set in throughout Ukraine's autumn planting season, which could significantly diminish wheat production and exports in 2012-13.

(michael.haddon@dowjones.com)

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