Russia Extends Ban on Wheat Exports

GREELEY, CO (KUNC) - Colorado farmers are expecting not only a record-breaking harvest of winter wheat this year, but near-record high prices for wheat too, due in part to a ban on Russian wheat exports that's helped drive global prices higher. Now Russian Prime Minister Vladimir Putin has extended that country's ban on exporting wheat until next year's harvest results are known. Russia's wheat crop was heavily damaged this year by historic drought and wildfires.

The shortfall is significant because Russia is the world's third largest grain exporter, says Darrell Hanavan, Executive Director of the Colorado Association of Wheat Growers. But he adds that unlike three years ago when U.S. and world wheat stocks were historically low, a wheat shortage now is very unlikely.