Russian export ban pushes wheat prices
Russian Prime Minister Vladimir Putin on Thursday announced that his government was introducing a ban on exports of wheat.
Friday, 06.08.2010.
12:11
Russian Prime Minister Vladimir Putin on Thursday announced that his government was introducing a ban on exports of wheat. This decision, to be implemented starting August 15, came as reports said that one-fifth of the country's farmland was destroyed by either wildfires or drought. Russian export ban pushes wheat prices Russia has reserves of 9.5 million tons of wheat, but has nonetheless moved to impose the ban, set to be in place until the end of the year, and has asked neighboring Belarus and Kazakhstan to follow suit. The move, that applies to wheat, corn, rye, barley and other crop, was designed to keep food prices in Russia down. In the global market, wheat prices soared after the Russian decision to a 23-month high.
Russian export ban pushes wheat prices
Russia has reserves of 9.5 million tons of wheat, but has nonetheless moved to impose the ban, set to be in place until the end of the year, and has asked neighboring Belarus and Kazakhstan to follow suit.The move, that applies to wheat, corn, rye, barley and other crop, was designed to keep food prices in Russia down.
In the global market, wheat prices soared after the Russian decision to a 23-month high.
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