World’s biggest wheat supply dries up when some want it most
00:15, Wednesday, 29 April, 2020
For the first time in a decade, the world risks being cut off from Russian wheat at a time when some key buyers are rushing to import it.
The top shipper last month limited sales through June to protect its own supply as the coronavirus crisis sparks food-security concerns around the world. Although the curbs were seen loose enough to ensure normal trade flows for this time of year, Russia has already burned through the entire quota. It will halt grain shipments to all but four former Soviet neighbors once the last cargo booked under the limits leaves the country. While the ban will only last until farmers start harvesting in July, some other nearby nations have also restricted grain exports, threatening to reroute global trade and fuelling worries about food shortages and higher prices. Countries from Egypt to Turkey are trying to load up on imports while they still can, and Russian shippers have been feeding that demand.