Putin decides not to export grains


Russian President Vladimir Putin has banned exports of various products until the end of this year. Said suspension encompasses 200 products, including medical equipment, vehicles, telecommunications, electrical products and some grains such as wheat, barley and corn.

This decision is the response by the Russian government to the different economic sanctions that have been imposed by countries that condemn Russia’s invasion of Ukraine, and that have left it out of international trade.

Since the beginning of the war and to date, the price of wheat has shot up 24.43%, going from 8.76 to 10.90 dollars per bushel. For its part, corn rose from 6.84 to 7.65 dollars per bushel, reflecting an increase of 11.81% in the same period.

Gabriela Siller, director of Economic Analysis at Banco Base, wrote that “the global grain supply is already limited due to weather conditions. Notably, net exports from the United States remained virtually unchanged despite the fact that exports from Russia and Ukraine were practically at a standstill.

Going forward, he commented, the volatility for agricultural commodities is expected to continue and prices continue to be under pressure as the war in Ukraine continues and supply from this region remains limited.

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