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Russia bans grain exports

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posted on Aug, 5 2010 @ 05:41 PM
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Russia bans grain exports


rt.com

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.
(visit the link for the full news article)




posted on Aug, 5 2010 @ 05:41 PM
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Im no expert on the global grain buisness, but Ive heard Russia is a pretty big producer of grain. Will we see a big rise in prices across the world? I dont really know. The article says delivery jump as much as 7.9%, but again im not expert, but I would think that 7.9% would be a pretty big jump.

This is the worst drought in Russia since 50 years ago. Hopefully everything turns out okay.

Edit - I wonder how this will affect the world economy?

rt.com
(visit the link for the full news article)

[edit on 5-8-2010 by buni11687]



posted on Aug, 5 2010 @ 05:49 PM
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or maybe they are holding onto precious resources in a time of coming war LOL

Yeah, droughts arent good for anyone.. We will see how this plays out



posted on Aug, 5 2010 @ 06:04 PM
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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...

Regards
PurpleDOG UK



posted on Aug, 5 2010 @ 06:19 PM
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Drought in inland areas like most of Russia are a sign of cooling temperatures and a coming ice age. Just so you know.



posted on Aug, 5 2010 @ 07:00 PM
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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...

Regards
PurpleDOG UK


Russia has said thats it trade partners will not be left out. The good news is while the harvests in Russia and the other nations that area as well as Canada have been down the US and Western Europe are having very good seasons to make up for it.




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