24 Jul Trade sanctions could trigger a flood of Russian wheat
Posted at 14:41h
Tighter international trade restrictions on Russia could trigger a flood of wheat onto global markets.
Ukraine and Russia, along with North America, are Australia’s biggest grain export competitors. Market analysts are expecting Russian wheat yields to reach 50 million tonnes this year, with 20 million tonnes set for export.
Harvest of that grain is currently underway at a time when the United States and the European Union are considering further sanctions on Russia following the Malaysian Airlines plane crash.
Sydney University economics lecturer Mark Melatos says Russian wheat exporters might flood the market if they fear sanctions will restrict their exports