Russia Lifting Grain-Export Ban May Fail to Ease Shortage
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Russia, once the second-biggest wheat exporter, will let a grain-shipment ban expire on July 1, a move that may fail to ease a global shortage caused by drought and flood damage to European and U.S. crops.
Futures climbed 79 percent in the past year in Chicago, the global benchmark, helped by Russia’s export ban in August after the worst drought in at least 50 years. Poor weather from Canada to Europe destroyed harvests and Ukraine imposed shipment quotas. Rising prices drove global food costs tracked by the United Nations to a record in February.