COMMERCIALS CAUGHT SHORT BY RALLY IN GRAIN AND OILSEED PRICES
SINGAPORE, Aug 16 (Reuters) – International trading companies that sold wheat and other crops to millers across Asia on expectations of bumper global supplies have been caught short after output dropped in Russia and lifted global prices, three Singapore-based traders told Reuters.
Russia, the top global wheat exporter, has been hit by dry conditions that are expected to reduce this year’s crop by at least 5.9 million tonnes from previous estimates to 76.4 million tonnes, according to leading consultancy Sovecon.
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