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Agostino: Wheat Prices Soar on Russian Drought Which Has Resulted in Grain Export Ban. Click To See The Video.

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Permalink Reply by Frank Borszcz on August 6, 2010 at 3:20am
It turns out that Russian Deputy Minister Shuvalov is retracting or clarifying his statement regarding export obligations. He said that not until after harvest is fully completed and the situation becomes more clear will it return to honouring its current export obligations.
The Russian Grain Union has asked the gov't to delay the export ban until Sept 1st. The union estinmates that 700,000 mt of grain are awaiting export.

Early opening calls on wheat this morning is expected at 10-15 cents higher.

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