In response to the wildfires that are ravaging Russia’s countryside, the Russian authorities have imposed a temporary ban on exports of wheat that will run from 15 August to 1 December.
Russia is one of the biggest exporters of wheat, barley and rye and in 2009 exported a quarter of its grain output. As a result of this ban, wheat prices have soared to a 23 month high.
Most of Russia’s exports are to the Middle East but if you are importing wheat directly from Russia then you will have to make alternative arrangements immediately.
This will also have a knock-on effect on companies importing wheat-based products where their suppliers are sourcing wheat from Russia.
Watch this space for more developments.