Bank Of Baku

Russia bans crop export

Russia bans crop export
# 05 August 2010 14:38 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. The government of Russia decided to impose a temporary export ban on grain beginning from August 15 as the country’s worst drought in half a century cuts yields, APA-Economics reports. Prime Minister Vladimir Putin said the ban would be imposed not only grain export, but also on export of cereal products.
Wheat reached the highest price in the world market in two years on heightened speculation Russia’s drought will force the country to curb exports.
Last year Russia’s grain export was 21.4 million tons or 13% of the world market. According to the statistics of the Russian Ministry of Agriculture, total volume of the crop will be 70-75 million tons in current year, which is significantly lower than previous forecasts before the drought.
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