There are silver linings to Russia’s depressed ruble: with France’s crop yields depressed from widespread flooding this year, Russia is set to dominate the wheat export market. Bloomberg:
Russia will export a record 25.5 million metric tons in the season started in July, the most in the world for a second straight year, the U.S. Department of Agriculture estimates. Global output will rise to a record for a fourth straight season, and stockpiles have never been bigger, USDA data show. Prices on the Chicago Board of Trade, the global benchmark, fell this month to the lowest since 2007.Wheat for loading at …read more
Source: The American Interest
