Russian weather

[Bullhauler]

Whenever I have sold a crop at harvest time because the price was "high" I have regretted it later. A few years back I sold my wheat for $5.85 right out of the field. By the next February wheat was in the high teens. Another year in the nineties I made the same mistake with corn.

I finished my wheat yesterday. It averaged 15.3% protein. That is about an .85 premium over 14%. I have never had high protein wheat before when there was a big premium for it. I wonder if the protein premiums will disappear in the next few weeks.

[Bullhauler]

The bull is still kicking wheat is up over thirty cents right now.

[Larrry]

up 60 in overnight trading

[Larrry]

and now this:

Russian to put temporary ban on grain exports due to drought, wildfires
Aug. 05, 2010

Multiple news outlets report this morning that Russian Prime Minister Vladimir Putin said "I think it is advisable to introduce a temporary ban on the export from Russia of grain and other agriculture products made from grain." Reports are that the ban will last from Aug. 15 to Dec. 1.

The BBC reports that Putin said that grain from the state reserves would not be auctioned but would be distributed to regions with the greatest need. "The aim in this case is not to make more money, but to aid those farmers that need help today," the prime minister said at a government meeting, according to the BBC.
He added that the government would provide 10 billion rubles ($335 million) in subsidies and another 25bn rubles in loans to agricultural companies affected by the drought.

Earlier this week, wheat prices rocketed on the news about Russia's crops devastated by a severe drought and ensuing wildfires.

SOURCE: BBC and other news outlets.

[Oldtimer]

[Whitewing]

I wouldn't wish drought on anyone. Lived through one last year and boy was it tough. Locals who've been ranching for 30 years in my area said they'd never seen it so bad.

[Faster horses]

One thing about drought. Seems everyone gets to experience it.
Might be our turn next.

[Whitewing]

Excuse me if this was posted already:

http://news.yahoo.com/s/afp/20100805/ts_afp/russiaheatwavefiresfarmcropscommoditiesgrain_20100805162243

Putin bans Russia grain exports due to drought

Russia, the world's third wheat exporter, Thursday banned grain exports for the next four-and-a-half months due to a record drought that has destroyed millions of hectares (acres) of its land.

Wheat futures shot up to new two-year highs on commodities markets after the sudden announcement from Prime Minister Vladimir Putin raised concerns about global grain supplies.

[Larrry]

Just remember there is no such thing as a FREE LUNCH, somebody has to pay for it

[Texan]

[Oldtimer]

[Texan]