History repeats itself as Russia in 2010 faced a grain shortage nearly 40 years after the 1972 shortage that sent wheat and grain prices soaring globally.
What are the potential effects of this shortage and how its effects on the grain and other ag markets? Will the American farmer and the world farmer be able to meet an increase in demand? At what price? Is the world running out of wheat or corn?
Richard Ebel, Price Futures Group Analyst and Ag Specialist discusses the previous Russian grain shortage and the impacts that shortage—dubbed the “Great Grain Robbery”—had on grain and supply and prices in 1972 and how those lessons can be applied to the current Russian grain shortage.
Richard Ebel began his career in the commodity industry with Merrill Lynch in 1969. He then moved to Chicago in 1972, becoming a member of the Chicago Board of Trade shortly thereafter, in 1973. Prior to beginning his commodity career, he graduated from Portland State University with a B.S. degree in International Economics and spent three years in USMC as an officer, serving in Vietnam as a combat engineer, and was highly decorated. Joining the Price Futures Group as the Oregon Branch manager in early 2009, his specialty continues to be the soybean complex, and his customers are some of the largest commercials in the world, covering the spectrum from crushers to end users for both soybean oil and meal.
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