Russia, a leading exporter of crude oil for decades now, is increasingly dominating another critical global commodity. Its output of wheat has surged in recent years as good growing conditions boost farmers’ profits, allowing them to reinvest in better seeds and equipment. As low oil prices hurt the ruble, making grain more alluring for overseas buyers, Russia grabbed more of the wheat-export market from major shippers like the U.S. This is particularly welcome news for Russia as it tries to cut its dependence on agricultural imports, after it banned imports of some western foods in retaliation to sanctions imposed over the annexation of Crimea.
Bloomberg: How an oil giant (Russia) came to dominate wheat
A stork stands next to a sunflower in a wheat field near the village of Mala Dyvitsya, some 160 km from the Ukrainian capital Kyiv, on July 27, 2015.
