Rain May Improve Wheat Harvest
05 October 2010
RUSSIA – Rains in Russia and Eastern Europe have raised hopes that next year's wheat crops may perform better than this year's drought-stricken crops.
The wet weather that has hit Russia over the last week and is expected to continue into this week has damaged wheat futures as investors speculate over the country's production forecast, Daniels Trading reported.
Wheat futures had rallied by around 35 per cent in the last three months, after devastatingly hot weather battered Russian crops and dramatically cut the country's output.
Speaking to Bloomberg BusinessWeek, the president of Advanced Market Concepts, Darrell Holaday, commented: "The Russian situation has maybe not gotten a whole lot better, but it hasn't gotten any worse either. They have seen some moisture return there, and it has been somewhat beneficial."
Last week, the Moscow Times reported that Russia faces an ‘acute’ grain shortage after experiencing the worst droughts in 50 years.
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