GNC General Discussion, page-231

We lack a good picture of what's occurring in Russia re the possible 'showdown' between Putin loyalists and the Wagner Group of Mr Yevgeny Prigozhin.

The apparent centre of the 'insurrection', Rostov-on-Don (a city of one million) is close to the Black Sea. From a quick Internet search, taken together, southern Russia plus the North Caucasus account for about half of Russia's total wheat production, a major part of which is winter wheat.

The latter is apparently planted between September and November.

The prospect of a civil war must mean some disruption to Russian graingrowers, and transport links including railways and ports.

At this stage it's merely a 'possibility' but should it occur, demand for GNC's grain stocks may further increase, and perhaps prices per tonne as well. Not that we wish to get carried away with stars in our eyes.