A large batch of grain worth over 200 million rubles ($6,440,066.49) has been stolen from a strategic grain reserve at the Arkhangelsk bakery plant.
Agents of the Arkhangelsk FSB department together with experts of the Vologda territorial reserve, who inspected the grain storage containers, have established the fact of the theft of strategically important grain.
The grain containers were equipped with tents adjusted on different levels to give the impression of being fully packed, while in fact they were empty. According to preliminary estimates, the losses inflicted on the state totaled more than 220 million rubles ($7,084,073.14), the press service said.
Wheat may be scarcer in the coming months because a hard freeze stretching from Tennessee to Texas killed some crops this week, analysts said.
"We did see some wheat damaged overnight," said Sterling Smith, vice president with Citibank Institutional Client Group. "The wheat was the spark that got things moving."
Trading has been relatively quiet this week ahead of a government report on grain stocks. The report will likely show corn supplies at a 15-year low, said Smith. Traders are bidding up grains because they expect demand to increase after the report is released.
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