3. Countries with largest weath production: 1° United States 2° Canada 3° Russia Russia + otherformerSovietRepubliccountries: 25% of global weath exports (2009) Weath production statistics
5. Droughts and fires Estimated production of 70-75 million tons of weath Revisionedestimatedproduction of 60-65 million tons of weath Weath production 2009: 97 million tons Decrease of Russian production
6. Supplydroppedpriceincreased Biggest Russian export markets: AsiancountrieslikeLibya, Iran, Jordan, Turkey, … Temporary export ban of Russianwheat and wheat-basedproducts Brief increase in wheat-basedconsumergoodsexpected Pricesnow = pricesfirst half of 2008 Price raise
7. Bought as many wheat as theycould Wheat supplydropped wheat pricesincreased demand of PANIC wheat boomed pricesincreased even more Speculators