(Bloomberg) The two biggest western shippers of Russian grain, Cargill Inc. and Viterra, are exiting the export market in a shift that will give local firms more control over shipments. Glencore-backed Viterra is planning to exit the Russian export market and intends to announce the decision soon, according to people familiar with the matter. Cargill will stop exporting grain sourced by the company in Russia from July, but will continue to buy cargoes from other companies. Viterra and Cargill both ranked in the top six exporters of Russian wheat in the first half of the season. Russian grain is vital to global crop trade and feeding the world. Its agricultural products aren’t under sanction, but trade can be complicated by restrictions on Russian banks and state companies. International grain traders have also faced pressure to leave from Moscow and the local industry. Wheat futures rose as much as 3.5% in Chicago on Wednesday. Viterra plans to announce its decision soon, according
By Archie Hunter (Bloomberg) — Higher interest rates are forcing commodity traders to rethink some deals and push up prices, in the latest example of how a period of rapid central-bank.