How long will the wheat price last?

Global grain buyers can move to the US, EU or Australia to fill the vacuum created by the Russian ban. However the degree of panic in the market is such that wheat prices are likely to remain high – at least until the New Year. Russia was the world’s third largest wheat exporter and news of its fallout of the export market and entry into the import market has attracted a lot of attention. Much actually depends on the volume of the Canadian harvest – which has only just begun to get underway. With both the US and Canada producing strong crops the pandemonium could subside. However the European, North African and Middle Eastern markets will all be paying a lot more for their wheat well into 2011.

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