The global wheat trade is being shaken up again after extreme weather hurt crops in the European Union while harvests are booming elsewhere, reports Bloomberg.
Fresh from leapfrogging Russia as the top exporter, the EU will drop to third place this season after drought and floods pummeled crops. There’s a different story playing out in other key shippers: Canada is set for record sales, Australia will export the most in four years and Russia will regain the No. 1 spot, according to the U.S. Department of Agriculture.
“Where there’s so many producers, someone always gets shorted by Mother Nature,” Dan Basse, president of Chicago-based consultant AgResource, told Bloomberg. “Undoubtedly, there will be others that would be available to plug the hole.”
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