Russia May Not Resume Grain Exports Until Next Summer

Russia’s top agriculture official says Moscow may extend its ban on grain exports until next July. According to the Associated Press, RIA Novosti news agency quoted Deputy Prime Minister Viktor Zubkov as saying that the resumption of exports is “not feasible.” (Last year, Russia was the world’s third largest wheat exporter.)

Global wheat prices skyrocketed after Russia announced the ban in August following the hottest summer on record and fires that devastated the country. Zubkov said this year’s harvest won’t exceed 66 million tons, below the country’s annual need of 77 million tons. Zubkov comment contrasts with statements by President Dmitry Medvedev that Russia may lift the ban after harvest figures come out later this year, the Associated Press reported. ◆