WHEAT: When Panic Buying Begets Panic Buying The following commentary caused me to look at a six month chart of Wheat: Russia Bans Grain Exports after Drought Shrivels Crop: Russia announced Thursday that it would ban grain exports through the end of the year, a response to a scorching drought that has destroyed millions of acres of Russian wheat and hobbled the country’s agricultural revival. The ban on grain exports by Russia, one of the world’s largest wheat producers, helped propel wheat prices in the United States toward their highest levels in nearly two years.