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CARGILL ANNOUNCES IT WILL STOP EXPORTING WHEAT FROM RUSSIA
Mar. 30, 2023
by Keith Good, University of Illinois FarmDoc project
Bloomberg writers Aine Quinn and Anuradha Raghu reported today that, "Russia said top agricultural commodities trader Cargill Inc. will stop exporting its grain, the strongest move yet by a major Western crop merchant to pull back from the country.
"As the biggest wheat exporter, Russian shipments are vital to global crop trade and food supplies. A bumper harvest there last year helped wheat futures drop more than 40% from a record reached just after Moscow's invasion of Ukraine. While Cargill is a big exporter of Russian wheat, the government said the firm's decision shouldn't affect overall shipments out of the country.
"The companies that buy, sell and ship the world's natural resources have reaped massive profits from the supply disruptions caused by the war, but are having to navigate a growing web of sanctions and other curbs as Western governments wrestle with the challenge of ensuring the flow of vital commodities without benefiting Russia. Russian crops aren't under any sanctions, but trade can be complicated by restrictions on Russian banks and state companies."
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