September 21, 2018

Russian grain export restrictions could lift world prices

Russia may ban wheat exports, thus lifting grain prices even higher. In 2010, Russia banned exports in 2010 to protect food security in the huge bread-consuming region. Now Russia is in drought, compounding the effects of drought in the United States. According to market analyst Lloyd George, Russian export restrictions are likely again because grain yields are down, and that’ll lift world prices. Meanwhile, farmers in parts of drought-stricken rural America are hoping this week’s forecast of rain comes to fruition. The dry weather has already affected the beef cattle herd and downgraded the corn crop.  Michael Hayes, from the US Drought Mitigation Centre, says rain will be welcome, but might be too late.
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