Russia to decide on grain exports ban by mid-November.

By bne IntelliNews October 5, 2010
As ordered by president Dmitry Medvedev, the government has to decide by November 15 2010 whether to prolong the export ban on grains imposed from Aug 15 2010 to Dec 31 2010 due to extreme drought and subsequent loss of harvests. Depending to the grain harvest results that are to be finalized in the coming weeks, the government will have to evaluate the domestic grain market balance and decide whether to lift the ban. To remind, Ministry of Agriculture lowered the grain corps forecasts for 2010 to 60mn-65mn tons of grain. The original forecast stood at 90mn tons. New forecast is below Russia's estimated domestic consumption of grain, which amounts to about 78mn tons. There are about 30mn tons of grain reserves and this year's demand for grain could be covered, however, the situation could threaten the next year's crops as well as droughts prevent from planting as much as they damage this year's harvests. Until the introduction of the ban, Russia was fourth largest exporter of grain in the world, following USA, EU and Canada.

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