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Wheat prices rose Friday after Russia cut its forecast for this year’s harvest, renewing concerns that global supplies will tighten.
Deputy Prime Minister Viktor Zubkov said the forecast called for 84 million to 85 million tons of wheat to be harvested this year, compared to an earlier estimate of 85 million to 87 million tons.
Russia was one of the world’s largest wheat exporters until last year when its crop was damaged by a drought that prompted an export ban. Zubkov said the ban remains in effect.
In the U.S. dry conditions have created problems for the winter wheat crop in the Great Plains.
While global wheat supplies are ample, stockpiles remain tight in the United States. Traders are speculating that global supplies may grow smaller, which could cause prices to rise.
- NOAA: Monster crop-destroying Russian heat wave to be once-in-a-decade event by 2060s (or sooner)
- Series on food insecurity