Russia put to the test by grain shortage

[phantom power]

The crisis has, however, exposed myriad challenges facing the sector. The export ban not only drew international criticism, it failed to halt a surge in food prices as Russians, haunted by memories of Soviet-era shortages, hoarded supplies.

The global food crisis of 2007-08 prompted the Kremlin to draw up a food security doctrine setting a goal for Russia to produce at least 80 per cent of the cereals, meat and milk it needs by 2020. Since the drought, Mr Putin has raised the bar, calling for Russia to become a net food exporter, relying on foreign markets only for exotic products such as “tropical fruit”.

http://www.ft.com/cms/s/0/68b02d34-cfcf-11df-bb9e-00144feab49a.html

[DCKit]

1. Disaster Capitalism and Market Manipulation.

The commodities traders are going to make serious hay with this.

[pscot]

2. A National Food Security doctrine

seems prescient.