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Global food prices rise as drought tightens grain supplies
The USDA slash forecast for maize from 376 to 274 million tonnes sparks expectations of $8.90 per bushel and higher wheat prices as heat in Russia trims wheat output. SovEcon cites Russian exports dropping from 28 to 13 million tonnes, while higher costs hit consumers and echo past spikes that helped trigger social unrest in the developing world.
MENTIONED IN THIS ARTICLE
United States Department of Agriculture
Russia
Andrei Sisov
SovEcon
McKinsey Global Institute
Busi