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Drought Forces Russia to Ban Grain Exports

Russia yesterday (Thursday) banned grain exports after unrelenting heat left the country with its worst drought in at least a half-century.

Wheat rose to a 23-month high after Russia, the world's third-largest grower, announced a ban beginning Aug.15 that will last through the end of the year. Corn and rice prices also surged yesterday after Russian Prime Minister Vladimir Putin said a ban on those grains would be "appropriate" in light of skyrocketing prices. 

Domestic grain prices gained 19% last week, faster than at the peak of the global food crisis in 2008.  The ban includes wheat, barley, rye, corn and flour exports, according to the government decree that also set aside nearly $1.2 billion for stricken farmers.

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Wheat's Forecasted Price Drop Highlights Profit Plays in Commodities

By Mike Caggeso Staff Writer The doubling of wheat's price in the past year – combined with recent forecasts for price declines – have turned wheat's wholesome image into a volatile one. And depending on where you live, you'll hear a different story. In Australia, the world's second-largest wheat exporter, droughts have cramped the yearly […]

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