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.
ROME — Russian grain company executives will be among experts attending a special meeting prompted by global worries about high food prices, including the effects of Russia’s grain export ban, U.N. officials said Thursday.
MOSCOW — Russia banned grain exports for the rest of the year on Thursday after a severe drought destroyed 20 percent of its wheat crop. The move caused the price of wheat, which has jumped 70 percent this summer, to rally further.
Continued bans on U.S. pork imports by China, Russia and more than a dozen other counties have baffled government and industry officials, leading some to speculate that the issue is more about market share than health concerns.
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