Ruble Crisis Ripples Through Wheat Market

The ruble crisis is rippling through the global wheat market.

As Russia’s currency extended a plunge to a record low against the dollar last week, the nation slowed grain shipments to preserve stockpiles and keep domestic prices in check. Russia is the fourth-largest exporter and the measures spurred hedge funds to triple their bets on higher prices.

Futures jumped to the highest since May last week after an exporters’ association said Russia denied certificates that grain sellers and buyers need. President Vladimir Putin warned Dec. 18 that the economic crisis could drag on for two years, at a time when cold is threatening winter crops in the U.S., the biggest grain shipper.