Russia Declares STATE OF EMERGENCY
three of Russia’s key grain growing areas declared a state of emergency on Wednesday citing May frosts that have caused severe damage to crops and will reduce this year’s harvest the frosts that hit in early May led to catastrophic consequences according to preliminary data the area of dead or severely damaged crops is exceeded 265,000 hectares Russia is one of the world’s top grain producers and exporters it said declaring a state of emergency would enable Farmers to document the objective impossibility of achieving Target indicators which they are obliged to hit in order to receive subsidies and also to apply for insurance payments analysts have already reduced their forecast for the 2024 grain Harvest because of the dry weather there’s definitely right a weather Market to be had for wheat right now you know and certainly the markets were responding to it we’ll see the extent of that damage too but you know there’s continued talks of exports out of that region that can come in and fluctuate
Russia declares a state of emergency due to frost weather conditions in May that caused major damage to their wheat crops. Market strategists Dan Hussey and Joe Nikruto discuss the wheat price implications of this disaster.
Add A Comment