August 11, 2010

Russia may review wheat export ban

Russia may resume wheat exports in October, according to the country's top agriculture official.

Last week, Moscow announced a ban on grain exports due to a severe drought that has reduced this year's estimated harvest by a third.

Russian news agencies quoted Deputy Prime Minister Viktor Zubkov as saying Tuesday (Aug 10) that the government will look into the possibility of lifting the ban after the harvest figures are compiled.

Zubkov, who oversees agriculture, made the announcement after telephone conversations with officials from Egypt, Israel and Turkey. All three are major importers of Russian wheat.

Global wheat prices skyrocketed after Russia announced the ban. Russia was the world's third largest wheat exporter last year.