Russia Bans Wheat Exports

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From The Wall Street Journal this afternoon. Compare the price in this article to the one below.


By TOM POLANSEK

Wheat futures prices soared Thursday to their highest levels in two years after Russia said it would ban grain exports due to a severe drought, a move that heightens concerns about global supplies of the grain and the possible impact on food prices.
September wheat futures at the Chicago Board of Trade were up the exchange-imposed daily limit of 60 cents at $7.8575 a bushel in late trading, an 8.3% rise and the highest level since August 29, 2008. U.S. wheat futures have gained nearly 85% from a nine-month low in June amid expectations that demand for U.S. wheat will increase.
The export ban by Russia, a major producer and supplier to other countries, comes after several weeks of deteriorating prospects for the Russian wheat crop.



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