Tuesday, September 04, 2007

Russia May Ban Wheat Exports

From Agora's 5 Minute Update:

Among other things, Kevin (Kerr) will be commenting in Milan on the fact that Russia -- the world’s fifth largest wheat exporter -- is considering banning the sale of wheat to foreign nations. Moscow officials are concerned about wheat’s skyrocketing price and its effect on the Russian consumer… especially on the eve of national elections.

“The announcement that the Kremlin is considering a ban on exports is absolutely one of the most bullish pieces of news we’ve heard for wheat in a while,” Kevin wrote to us. Wheat is currently priced at $8.06 per bushel. "Given this news, $9 a bushel is a real possibility,” says Kevin. ”Export inspections are running very high and demand is huge.”

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