From Bloomberg | Archer Daniels Midland Co., Potash Corp. of Saskatchewan Inc. and Eagle Bulk Shipping Inc. stand to benefit after Russia, the fifth-largest wheat grower, banned exports of the grain because of its worst drought in 50 years.
Inside these posts: Russia
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Wheat prices hit CBOT limits, at 2-year high
Wheat futures prices soared Thursday to their highest levels in two years after Russia said it would ban grain exports due to a severe drought, a move that heightens concerns about global supplies of the grain and the possible impact on food prices.
September wheat futures at the Chicago board of trade were up the exchange-imposed daily limit of 60 cents at $7.85 3/4 a bushel in late trading, an 8.3 percent rise and the highest level since Aug. 29, 2008. U.S. wheat futures have gained nearly 85 percent from a nine-month low in June on expectations that demand for U.S. wheat will increase. Get the full story »
Wheat at 22-month high on Russian drought
Wheat harvesting in northern France. (Reuters)
U.S. wheat prices rose for the fifth straight trading session on Monday, soaring to a 22-month high as the worst drought in 130 years in key exporter Russia fueled concerns about supply. Get the full story »
BP: CEO Hayward not resigning
BP was forced to defend its chief executive on Monday after Russia’s deputy PM said he expected Tony Hayward to resign soon, while a tropical storm threatened oil spill cleanup efforts in the Gulf of Mexico.
BP said Hayward remained CEO and no change was under discussion after Igor Sechin said he expected Hayward to resign and that Russian officials would be told the name of his successor in Moscow on Monday. Get the full story »
