Putin bans Russian wheat exports

Russian Prime Minister Vladimir Putin has announced a temporary ban on Russian wheat exports following a devastating drought and wildfires destroyed a large portion of the country's grain crops.

News of the ban sparked wheat prices to reach their highest level of the last two years, $7.85 a bushel, as Putin announced the ban would be introduced from August 15 until the end of the year.

In an article published on Thursday morning, BlackRock agri fund manager Desmond Cheung said that a ban on Russian wheat exports could lead to increased market volatility for the essential commodity.