Grain Markets Set for Supply Shock of a Lifetime, Economist Says

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Russian rouble falls to new lows after ratings downgrades

The Russian rouble slid to new record lows against the dollar and euro on Thursday, after ratings agencies Fitch and Moody’s downgraded Russia’s sovereign debt to “junk” status. At 1012 GMT, the rouble was more than 9% weaker against the dollar at 116.8 and down almost 8% against the euro at 125.1 on the Moscow Exchange, marking the first time the rouble has traded weaker than 110 to the dollar in Moscow and the first time it has breached 123 to the euro. The Russian central bank imposed a 30% commission on foreign currency purchases by individuals on currency exchanges – a move brokers said appeared designed to curb demand for dollars – but that did little to halt the rouble’s slide.

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