Russia's economy already sits in a vulnerable position, with the ruble in freefall and the stock markets closed to prevent the economy from cratering.
over 20% in the past week, with $1 equal to 124 RUB. Prior to Russia’s invasion, $1 was equal to 83.53 RUB. FILE PHOTO: Signage is seen outside the Moody's Corporation headquarters in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew KellyThe credit rating will further weaken the Russian economy, forcing Russia to turn to any sources it can in order to supplement its economy.
And China’s agriculture minister reported over the weekend that the recent winter wheat harvest could be the "worst in history," providing further justification to buy from Russia. Minister of Agriculture and Rural Affairs Tang Renjian said rare heavy rainfall last year delayed the planting of about one-third of the normal wheat supply, leading to a roughly 20% shortage in crop yield.
The shortage, coupled with the war between Russia and Ukraine, which together produce roughly 29% of global wheat exports, could see wheat prices surge past the already incredible 14-year high, Reuters reported.
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