Thursday, September 23, 2010

Global: Russian wheat shortage fuels fear of potential food crisis

The effects of wildfires and drought that devastated wheat fields throughout much of rural Russia earlier this year threaten to spiral into a global food crisis as the UN Food & Agriculture Organisation today announced an emergency meeting in Rome on Friday.

Russia, a major world producer, reacted by temporarily banning all wheat exports in an attempt to instill market stability and ensure adequate food stuffs for the nation's 142 million people.

Despite high wheat yield in the U.S. this year, there is no sign that prices will fall anytime soon, an effect which could further exacerbate food shortages in much of the developing world.


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