Russian fires threaten global commodities trade

A recent heat wave in Russia coupled with extraordinarily dry conditions has been feeding the most widespread wildfires in the nation’s recent history. The fires stretch from central Russia to near Moscow and are generating a devastating plume of smoke that has killed 52 people and destroyed over 2,000 homes. Those massive fires are having a secondary (and potentially more lasting) effect as they have threatened the Russian wheat crops, which make up about eight percent of the world’s wheat production.

For a look at the impact this will have on the global commodities market we speak with Javier Blas, commodities correspondent for the Financial Times and The New York Times’ Andrew Kramer in Moscow.