WHEAT HALTED; RUSSIA IMPOSES EXPORT BAN
August 5th, 2010In other news, Speculators Rediscover Agricultural Commodities.
Via: Reuters:
Chicago wheat markets jumped 8 percent to near two-year highs on Thursday, twice triggering trading curbs to restore order before easing back after Russia said it would temporarily halt grain exports.
Russia’s worst drought on record has devastated crops in parts of the country and sent international grain prices soaring as markets placed bets that without shipments from one of the world’s leading exporters, global supplies would be restricted.
Wheat has risen seven of the past eight days at the Chicago Board of Trade and buying by funds and traders spilled across the grain markets. Corn and soybeans were 2 and 0.5 percent higher, respectively.
Prime Minister Vladimir Putin signed an order banning grain and flour exports from August 15 to December 31, with a spokesman saying this would apply to contracts that had been already signed.
The news confirmed an earlier report from Interfax that kicked off the buying.
Russia is on fire! Uncontrolable forest fires. I’ll bet Goldman Sachs has figured out a way to capitalize on this disaster.
It is TERRIBLE how many stories about the food supply breaking down.
Get yourself some storeables friends. This is not going to be an easy time for fresh, nourishing food for years to come.
Between the Gulf and the loss of edible seafood not killed off or maimed by Corexint, or by natural disaster (fire) the food chain has just lost a couple of major links.
Mourn these losses.
Preserve what you can of food.
It is terrible to behold.
Wish I could open a soup kitchen.