The move is expected to ease concerns over supplies in the second half of this year, according to the FT.
Restrictions were brought in last year by Russia and Ukraine in reaction to short supply caused by the dry weather impacting crops. The restrictions were credited with driving up global grain prices.
Russian export restrictions remain in place but it is expected to make a decision over whether to ease them in the next few days.
Wheat prices to soar as drought deepens (20 May 2011)
Poor crop prospects drive up prices of vegetable oils (18 September 2010)