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Russia has announced a temporary ban on grain exports from August 15 to December 1 in response to the worsening drought.
Wheat for December delivery jumped as much as 7.9% to $8.155 a bushel in Chicago, pushing it to a 91% gain since hitting a low of $4.255 on June 9. Tatiana Bobrovskaya, consumer sector analyst, with BKS says the rising prices have reflected global concerns about not just Russia, but also other nearby producers who are also weathering a prolonged drought, and also the thought that the official grain forecast for Russia could be reduced further.
Originally posted by PurpleDog UK
Russia is merely taking steps to be in a position to support it's people first......
OMG a country which might be looking to care and provide for the needs of it's population at the expense of global demand and trade.....
Russia may have alot of problems but I Think they have their heads screwed on the RIGHT way over there...