(Bloomberg) — Russia is stepping up its bid to control even more of its crucial grain industry — potentially giving it greater power over exports — just as worries mount over global supply.
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Major Western merchants including Cargill Inc. and Viterra pulled back from Russia last year after government pressure to make way for local firms. Now, even the country’s top private trader is finding it tough to operate amid a spat with the state. That puts the market in the hands of fewer companies, some that have or had links to the Kremlin.
The consolidation picked up after President Vladimir Putin’s invasion of Ukraine and leaves just four firms responsible for three-quarters of grain exports from Russia’s Black Sea terminals. That’s giving Moscow more influence over wheat supplies that have been key to taming global food inflation. It’s also making it…
