Russia Halts Wheat Exports

August 5, 2010 07:22 AM
 

Reuters reports that Russian Prime Minister Vladimir Putin yesterday announced a temporary ban on the export of grain and related agriculture products due to the worst heatwave on record. "I think it is advisable to introduce a temporary ban on the export from Russia of grain and other agriculture products made from grain," Putin told a government meeting. He also announced that grain will be released from the government intervention fund and subsidies and loans will be provide to the ag sector.


Here’s what Russia grew and exported in recent years (million metric tons), according to USDA’s July Supply/Demand Report:

 

Crop

Production

 

 

Exports

 

 

 

2008/09

2009/10

2010/11

2008/09

2009/10

2010/11

Wheat

63.7

61.7

53

18.4

17.5

15

Coarse Grains

40.7

31.8

26.8

4.8

3.02

1.2

 

"We saw this coming. As I commented earlier, it is possible Russia will need to buy corn," says Jerry Gulke of the Gulke Group. "Confirmation will mean price support as the market adjusts."

  

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