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.

Related Articles

Russias participation in Cyprus bail-out under question.

As Cyprus is trying to come up with new ways to raise EUR 5.8bn needed to secure the financing from ECB, EC, and IMF, Russia's participation in the package is not clear. According to the latest ... more

Fitch: Russian banks risks in Cyprus limited.

Fitch Ratings believes that resolution of the Cyprus crisis with a deposit levy or some other form of burden sharing involving creditors is unlikely to result in material losses for Russian ... more

Sources: Russia could triple oil exports to China.

Russia and China discuss contracts that would triple exports of Siberian oil through various transport corridors, Reuters reports citing unnamed sources in the industry. Rosneft is discussing ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335