Russia’s Massive 100 Million-Ton Wheat Crop Piles Up at Home

S&P 500




Dow 30








Russell 2000




Crude Oil
















10-Yr Bond
















CMC Crypto 200




FTSE 100




Nikkei 225




(Bloomberg) — Russia’s wheat harvest could reach a historic 100 million tons, according to consultant SovEcon, with the commodity piling up at home as the nation struggles to export large volumes.

Most Read from Bloomberg

Bank of England Says Paper Banknotes Only Good for One More Week

Japan to Restore Visa-Free Travel From Oct. 11 as Covid Pandemic Recedes

South Korea President Caught on Hot Mic Insulting US Congress

Unless Rents Rise, Housing Is Set Up for an Epic Crash

A Great Copper Squeeze Is Coming for the Global Economy

Farmers across the country are finishing up the bountiful harvest after good growing conditions throughout the summer. The huge supply in the world’s top shipper would usually help to bring down world prices. But so far this season, government export taxes and logistical issues from its war in Ukraine are keeping more grain than usual at home.

“Storage has been an issue for a few months for some farmers,” SovEcon Managing Director Andrey Sizov said by phone. “We haven’t seen anything like this since 2017-18.”

Russian wheat export prices have recently turned more competitive against other origins like France and the US, meaning that shipments could increase. Higher prices and issues with shipping Russian cargoes — some insurers and banks shunned Russian commodities after its invasion of Ukraine in February — slowed exports earlier in the season. Food exports are not targeted by sanctions, but some institutions are wary of doing business with Russia as a result of those measures.

Wheat prices spiked globally after a Russian blockade of Ukraine’s ports strangled that country’s exports, pushing up food prices. While a deal to reopen the ports struck in July helped ease prices, the escalation of the war in Ukraine has sent wheat back to levels seen before the agreement.

The International Grains Council also hiked its Russian wheat crop estimate by almost 6 million tons on Thursday, but it doesn’t expect that extra supply to leave the country — keeping the export outlook unchanged at 36.5 million tons. Consultant IKAR also raised its wheat harvest estimate to 99 million to 100 million tons, according to Interfax.

“This huge crop is not fully converting into huge exports,” SovEcon’s Sizov said.

(Updates with IKAR forecast in sixth paragraph)

Most Read from Bloomberg Businessweek

US Is Inflating Its Debt Away After Unprecedented Spending Binge

This Is What Life’s Like in the World’s Strictest Covid Zero City

The Sneaky Genius of Apple’s AirPods Empire

Wall Street’s Bosses Reassert Themselves With the Return of Annual Culls

How Neuroscientists Use Brain Breaks to Boost Creativity at Work

©2022 Bloomberg L.P.



Nvidia Analyst Finds It Pushing The Envelope For More Incredible AI Adoption

Mizuho analyst Vijay Rakesh reiterated a Buy on Nvidia Corp (NASDAQ: NVDA) with a price target of $205. NVDA hosted GTC 2022 with a keynote delivered by CEO Jensen Huang, followed by analyst Q&A. Also Read: Nvidia’s Higher Gaming GPU Prices Raises Analyst Conviction. However, Some Remain Concerned Over Demand And China Ban His key takeaways included Hopper production ramping, a 40xx series launch for high-end gaming, continued under-ship current Gaming demand amid Ada 40xx launch, and Thor launc

The New Voice of Ukraine

First Lady Olena Zelenska shares details of her visit to New York during the UN General Assembly

Tired, but satisfied Olena Zelenska meets the Ukrainian journalists somewhere in Manhattan on Sept. 23 – the last day of her 3-day visit to New York. Zelenska came to the U.S. together with Ukrainian Prime Minister Denys Shmyhal and Foreign Minister Dmytro Kuleba to represent Ukraine at the 77th United Nations General Assembly.

The Hill

Pentagon: Putin’s nuclear threat won’t deter US aid to Ukraine

Russian President Vladimir Putin’s recent threat to use nuclear weapons will not staunch U.S. aid to Ukraine, the Pentagon’s top spokesperson said Thursday. “In terms of the statements or the announcements coming out of Russia, it does not affect the commitment to continue working closely with our international partners and our allies on providing Ukraine…

The New Voice of Ukraine

Mobilization won’t solve the many problems of the Russian army, says

The “partial mobilization” announced in Russia may resolve some of its military man-power shortages, but their armed forces still suffers from a multitude of issues, U.S. Pentagon spokesman Patrick Ryder stated during a briefing on Sept. 22.


Nikola’s Milton Was ‘Hyper-Focused’ on Company’s Stock Price, CFO Tells Jury

(Bloomberg) — Nikola Corp.’s Trevor Milton was so “hyper-focused” on the company’s stock price that when the shares fell $5 on their first day of trading in June 2020, he thought something was wrong with the Nasdaq, jurors at his criminal fraud trial were told.Most Read from BloombergBank of England Says Paper Banknotes Only Good for One More WeekLiz Truss’s Historic Gamble With the UK Economy Is Already UnravelingLeaked Study Shows Exxon, Partners Overspent by $138 BillionRisk Assets Crushed W


Britain sends investors fleeing with historic tax cuts and borrowing

LONDON (Reuters) -Britain’s new finance minister Kwasi Kwarteng unleashed historic tax cuts and huge increases in borrowing on Friday in an economic agenda that floored financial markets, sending sterling and British government bonds into freefall. Kwarteng scrapped the country’s top rate of income tax, cancelled a planned rise in corporate taxes and for the first time put a price tag on the spending plans of Prime Minister Liz Truss, who wants to double Britain’s rate of economic growth. Investors dumped short-dated British government bonds as fast as they could, with the cost of borrowing over five years seeing its biggest one-day rise since 1991, while the pound slumped more than 3% against the dollar to levels last seen 37 years ago.

The New Voice of Ukraine

Pro-Russian traitor Medvedchuk’s transfer driven by Putin’s darker motives, thinks political scientist

Viktor Medvedchuk’s transfer to Russia as part of the Sept. 21 prisoner swap may have been driven by Russian dictator Vladimir Putin’s desire to personally punish Medvedchuk for his failure in handing Ukraine to Russia, political scientist Mykola Davidyuk told Radio NV on Sept. 22.

The New Voice of Ukraine

Powerful explosion rocks occupied Melitopol on first day of sham “referendum”

A powerful explosion was heard in the city of Melitopol on the morning of Sept. 23, as the occupation authorities announced the start of their sham referendum meant to legitimize Russia’s annexation of occupied Ukrainian territories, Melitopol Mayor Ivan Fedorov reported on Telegram.

The Daily Beast

The Dirty Little Secret That Could Kill This Putin Fugitive

Photo Illustration by Thomas Levinson/The Daily Beast/GettyPARIS—There is no doubt Russian President Vladimir Putin wants to liquidate Vladimir Milov.Milov has been a Russian-on-the-run since 2002. He is today unmistakably the most menacing desperado on Putin’s Most Wanted Fugitive list. Yet the mild-mannered graduate of Moscow State Mining University is neither a defenestrated lawyer nor an academic outcast for railing against the war in Ukraine. The 50-year-old former Deputy Minister of Energy


Motley Fool Stock-Pick Hacker Pleads Guilty to $3 Million Fraud

(Bloomberg) — An Idaho man who worked as an information technology professional admitted to making at least $3.5 million by illegally accessing the stock picks of the personal finance website Motley Fool before they were released.Most Read from BloombergBank of England Says Paper Banknotes Only Good for One More WeekLiz Truss’s Historic Gamble With the UK Economy Is Already UnravelingLeaked Study Shows Exxon, Partners Overspent by $138 BillionRisk Assets Crushed With Few Signs Drama Is Over: Ma


How to Convert to a Roth IRA: Rollover Rules

A Roth IRA rollover moves money from a traditional IRA into a Roth. There are many good reasons to make the switch, but watch out for the taxes.

Leave A Reply

Your email address will not be published.