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Russia builds a future for wheat
Although first-day trading volumes were only a modest Rb11.3 million ($480,000), the creation of the new market comes at an opportune time as traders and producers are looking to hedge their risks as wheat prices hit record highs.
It also signals Russia’s objective of building up its financial market infrastructure in general and in particular to become the international wheat trading centre for the Commonwealth of Independent States, attracting business from other major wheat producers in the region, such as Ukraine and Kazakhstan.
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