Russia lifts ban on grain exports
Source: Agencies |
May 29, 2011, Sunday
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RUSSIA will lift a grain export ban from July 1, Prime Minister Vladimir Putin said yesterday, bringing what was formerly the world's third-largest wheat exporter back to world grain markets.
Russia expects the grain harvest to be "quite good" this year and sowing is better than last year, First Deputy Prime Minister Viktor Zubkov, who oversees government agricultural policy, told Putin.
"We shall lift the grain export ban from July 1," Putin said, adding that Zubkov should monitor the situation and ensure domestic farmers were given proper support to cope with the lifting of the ban. He gave no specifics.
Putin, Russia's paramount leader, announced a ban on the export of grain and related agricultural products on August 5, 2010, effective through to July 1 of this year, after the worst drought in over a century devastated Russian crops.
Russia officially expects to harvest 85-90 million tons of grain this year after the drought cut its grains crop to 61 million tons in 2010 from 97 million in 2009 and 108 million in 2008.
Russia's lifting of the ban is important for producers, grain traders and even hedge funds who are trying to forecast supply as concerns mount about deteriorating harvests in other key producers including Europe and the US.
A pick-up in shipments from Russia, which has been a key source of low-cost grain for many importers, could drive down prices which remain far above levels traded a year ago before drought led Russia to halt exports.
Russian farmers have already sown 24 million hectares this spring, or 10 percent more than by the same time last year.
Russia expects the grain harvest to be "quite good" this year and sowing is better than last year, First Deputy Prime Minister Viktor Zubkov, who oversees government agricultural policy, told Putin.
"We shall lift the grain export ban from July 1," Putin said, adding that Zubkov should monitor the situation and ensure domestic farmers were given proper support to cope with the lifting of the ban. He gave no specifics.
Putin, Russia's paramount leader, announced a ban on the export of grain and related agricultural products on August 5, 2010, effective through to July 1 of this year, after the worst drought in over a century devastated Russian crops.
Russia officially expects to harvest 85-90 million tons of grain this year after the drought cut its grains crop to 61 million tons in 2010 from 97 million in 2009 and 108 million in 2008.
Russia's lifting of the ban is important for producers, grain traders and even hedge funds who are trying to forecast supply as concerns mount about deteriorating harvests in other key producers including Europe and the US.
A pick-up in shipments from Russia, which has been a key source of low-cost grain for many importers, could drive down prices which remain far above levels traded a year ago before drought led Russia to halt exports.
Russian farmers have already sown 24 million hectares this spring, or 10 percent more than by the same time last year.
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