Drought and Rain Are Reshaping Global Grain Trade Routes
- As EU crops shrink, harvest outlooks are growing elsewhere
- Russia, Australia and Canada are set to boost exports
Lexion combine harvesters drive through a field of wheat in Ust-Labinsk, Krasnodar, Russia, on July 3.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
The global wheat trade is being shaken up again after extreme weather hurt crops in the European Union while harvests are booming elsewhere.
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.