The country is expected to export nearly 50 million tons of the grain this year Wheat prices have declined to a three-year low due to an “exceptionally strong” yield in Russia, which is helping to fill the export gap left by the shortfall from Ukraine, the Financial Times reported on Thursday. Prices have dropped by more than a fifth since the end of July as Russia’s wheat export outlook has been upgraded by the US Department of Agriculture (USDA) to 48 million tons slated for foreign sales. “We have seen wheat prices substantially decline basically as a result of Russia,” said Michael Magdovitz, senior commodity
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