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”
Top Posts & Pages
- Half century of memories — Christmas on Deer Creek to celebrate 50th anniversary
- (UPDATE) Gov. Bryant: $1.2 billion aluminum plant is a very exciting proposition for the state of Mississippi
- Prison-contract task force working in wake of Epps' indictment
- Bryant wants free tuition for students with technical diploma
- Analyst: KiOR Columbus plant may end up sold as scrap
- Prescott leads field for Conerly Trophy as state's best football player
- UM Chancellor Jones: Lymphoma treatment going well
- WILLOUGHBY: Bernie Reed cites hard work as key to success of Reed’s Metals
- BILL CRAWFORD: Bryant’s tax cut won’t stop spending growth