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Grain burns in a field near Voronezh, 500km south of Moscow on 31 July, 2010.
Grain Price
EU wheat price soars after Russian ban
Rising prices triggers fears of panic buying.
WHEAT PRICES HAVE soared after Russian prime minister Vladimir Putin banned all grain exports from the drought-afflicted country. Russia is experiencing the worst heatwave since record-keeping began 130 years ago.
The heat has destroyed millions of acres of Russian crops.
Putin said the ban was to limit escalating food prices in Russia, and will remain in place from 15 August until 31 December. Russia is the world’s third-largest exporter, and traders fear that the ban will induce panic-buying as markets push to replace Russian suppliers through the ban.
US wheat prices have risen to their highest level in two years, and EU prices rose by their highest ever in a single day yesterday.
Security around Russia’s grain stocks has been beefed-up for extra protection.
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