Russia - Putin extends ban on grain exports

Prime Minister Vladimir Putin on Thursday abruptly extended the grain export ban by at least several months from the end of this year because farmers and wholesalers sent grain prices up by holding the latest harvest.
Monday 6 September 2010 (7 years 8 months 19 days ago)
Prime Minister Vladimir Putin on Thursday abruptly extended the grain export ban by at least several months from the end of this year because farmers and wholesalers sent grain prices up by holding the latest harvest.

Putin's decision, made at a regular session of the Presidium, the downsized Cabinet, threatens to further undermine Russia's hard-won status as the world's third-largest grain exporter. But Putin appeared intent on stabilizing the domestic grain market, still reeling from the worst drought in decades despite an export embargo from Aug. 15.

"We are seeing that grain is being held in anticipation of the next steps," Putin said, adding that the government would not consider removing the export ban until after the collection of next year's harvest. "We can't allow any back and forth here."

Farmers normally end harvesting late grain crops in October, meaning that the export ban might be in place until next fall.

Putin said the measure was an effort to remove "unnecessary nervousness" and prompt grain business players to "target the demands of the domestic market."

Wheat futures were trading up 1.2 percent in Chicago.

http://www.themoscowtimes.com/business/article/putin-extends-ban-on-grain-exports/414672.html

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