Russian farmers double-down on the wheat bet

WSJ story on Russian farmers taking the gamble of planting their winter wheat crop absent clear signs that the drought will abate.  Given the lack of slack in global food production chains, everyone will be tracking this planting.

Russia not only needs rain, but well-timed rain.

Elsewhere, Australia faces some locust problems and Argentina comes under the impact of La Nina, so a lot of uncertainty plaguing the system.

American farmers have been making the same calculation that the Russians are doing now:  get in another planting to take advantage of Russia's woes or not, understanding that if the Russian winter wheat crop succeeds, the market could go from too little to too much overnight.

Thrilling days to be in ag futures, one supposes.

Comments

[Jeremy]

Any thoughts on the new drought in Russia?