Russia to lift grain export ban

  • Friday, 17 June 2011
  • raw materials

Russia is to lift a ban on exporting grain from 1st July 2011, as announced by Prime Minister Vladimir Putin. The export ban was put into place on 15th August last year following an unprecedented drought and the widespread outbreak of wildfires. Millions of tons of crops were lost, cutting output by some 37%. The ban had been due to expire last December, but was extended until 30th June 2011 over concerns of another shortfall. The official forecast for the 2011 wheat crop has now been set at 85-90m t and there were concerns that excess crops could go to waste if the ban was not lifted. Russia is the world's third largest producer of wheat, barley and rye and the ban contributed to a sharp rise in global wheat prices.

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