LONDON - U.S. wheat prices rose to a two-week high on Tuesday, boosted by concern about dry weather in both the United States and Russia, while soybeans fell to their lowest level since early February.
European Union grain exporters will be the main beneficiaries of Russia’s pullback from international grain markets as Moscow races to cool domestic prices in the face of economic crisis, analysts and traders say.
The European Commission announced financial support for exporters of dairy products hit by Russia’s ban on Western food imports, adding to emergency measures already taken to help fruit and vegetable producers.
European Agriculture Commissioner Dacian Ciolos said on Thursday he would announce measures as early as next week to help support producers of perishable fruit and vegetables following Russia’s ban of most EU food imports.
Russian companies have increased their orders from Turkish firms after Moscow stopped imports of most food from the West in retaliation for U.S. and European Union sanctions over Ukraine, a Turkish exporters’ group says.
Moscow banned imports of most food from the West on Aug. 7 in retaliation against sanctions over Ukraine, a stronger-than-expected measure that isolates Russian consumers from world trade to a degree unseen since Soviet days.
Senior agricultural experts from all 28 European Union countries will hold an emergency meeting next Thursday to analyze the impact of a Russian ban on EU food imports, the European Commission said on Friday.
Moscow imposed a total ban on imports of many Western foods on Thursday in retaliation against sanctions over Ukraine, a stronger-than-expected measure that isolates Russian consumers from world trade to a degree unseen since Soviet days.
Dmitry Zhdannikov and Natalia Zinets
August 07, 2014
The corn market gained 25 cents last week with the strength in the wheat market. Rumors that Russia may put a tax on wheat exports and may even ban exports supported the wheat market which spilled over to corn. The strengthening export demand and a firming cash basis also offered support last week.
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