Russia trims wheat harvest to 60M tons
MOSCOW — Russian Prime Minister Vladimir Putin said yesterday that this year’s wheat harvest will be off more than a third, down to 60 million tons.
Last year, the world’s third largest grain exporter harvested 97 million tons of wheat and exported 21.4 million tons.
Putin said in televised remarks that his government will not lift its ban on wheat exports until the end of the year. The ban announced Thursday has already pushed world wheat prices up.
“The question is what the country will be left with next year,” Putin told a government meeting. “Most of the country’s regions will enter the new year without winter crops.”
Russian farmers already have little incentive to export as grain prices have been rising even faster in Russia than on world markets.
Most of the damage to Russia’s wheat crop has been caused by the drought, one of the worst in decades as much of the country suffers through the hottest summer since record-keeping began 130 years ago.
But wildfires raging through western Russia have spread into farmland and there are fears that more fields will be lost.
Experts say the United States, Argentina and Australia will gain the most from the spike in wheat prices, because Canada and the European Union are not expected to have abundant harvests this year.
To sign up for Mississippi Business Daily Updates, click here.
One Response to “Russia trims wheat harvest to 60M tons”
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- NEW IN MADISON COUNTY — Mississippi Bio-Medical Business Collaboratory to be introduced Friday
- Mississippi Film Studios signs contract with New Orleans company
- MDOT cutting more than 40 jobs in Right-of-Way Division
- Granddaughter of Barq's Root Beer founder dies at 90
- Turner Grain’s transition will help consolidate lawsuits alleging breach of contract
- GreenTech holds grand opening of neighborhood electric vehicle plant
- Mars Food expanding Delta plant; investing $31M and adding jobs
- Board authorizes sale of company that owns Silver Slipper Casino
- JRA plans image makeover, hires crisis manager