August 7, 2007

 

Serbia bans wheat, corn exports for 90 days

 

 

Serbia has banned grain exports on Monday (August 6) to prevent unstable markets and deal with a grain shortage caused by a devastating regional drought.

 

In a statement, the government has banned exports of wheat, corn, sunflower seed and soybean to any country for the next 90 days.

 

The country exported 310,000 tonnes of bread wheat in the first half of 2007, compared to some 400,000 tonnes it exported in all of 2006.

 

The farm ministry warned if wheat exports intensively continues, the 400,000 tonnes surplus from this year's crop would shortly be used up, which could have very negative consequences on the market stability, supply and prices.

 

The country's corn yield this year is likely to be by 30 to 40 percent lower than projected. The estimated crop is 4 million tonnes, down from the previously projected 6.1 million tonnes.

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