A ban on grain exports from Russia led many to wonder whether there would be worldwide a shortage of the goods produced by farm equipment users.
The United Nations Food and Agriculture Organization recently held a meeting in Italy to discuss this, and other, problems facing world food production. The group, which included a U.S. presence, concluded that while there was no immediate concern, measures should still be examined regarding food security.
That would include price volatility in the market, which the group tied to issues such as insufficient information and markets growing more dependent on one another.
Meanwhile, the group said recent price increases were tied to measures from countries like Russia and other speculative reactions.
Russia banned exports after drought conditions ruined many farm fields. To control prices at home and ensure the country has enough grain reserves for livestock, the country instituted the trade measure.
Prime Minister Vladimir Putin said Russia may reconsider its ban depending on how this year's grain harvest turns out. Meanwhile, U.S. officials have said there should be sufficient supply to satisfy global demands.
MachineFinder was created by John Deere in 1998. Since then we have served millions of visitors, tens of thousands of pieces of equipment and integrated with our entire dealer network.
MachineFinder, John Deere and the associated trademarks are property and available only for the specific use of Deere & Company. All Rights Reserved. 2007-2008