A severe drought destroyed one-fifth of the wheat crop in Russia and wildfires swept in to finish off some of the fields that remained.
A temporary ban on Russian grain exports will boost income for U.S. farmers this year, but more demand could cause shipping bottlenecks.Russia, one of the world’s largest exporters of wheat, is facing a shrunken crop due to a severe drought. Its announcement Thursday that it will ban grain exports through the end of the year to control domestic prices raises the possibility of stronger-than-expected U.S. exports.
Continue reading… “Ban on Russian Grain Exports Causes Surge in U.S. Wheat and Corn Prices”
