Thursday, August 30, 2012

Ahead Russian Agriculture Ministry meetings 8/31/2012

Ahead Russian Agriculture Ministry meetings 8/31/2012 : There is a meeting of the Russian Agricultural Ministry on Friday, which is expected to bring about export limits, so there's a bit of positioning ahead of that,referring to the rise in wheat prices.

A sharply reduced Russian 2012 grain crop forecast, which the government recently cut to 75 million tonnes, has sparked concerns Moscow might ban exports.

Russia barred grain exports for almost a year in August 2010 after a severe drought. This year Russia's wheat harvest may fall below the crop of 2010.

nfluential Russian industry group SovEcon said earlier in the month that Russia's exportable grain surplus of 10 million to 11 million tonnes could run out by November if the country retains a high pace of exports.

According to the firm, Russian wheat stocks totaled 10.61 million tonnes as of August 1, down 30% from a year earlier and the lowest since 2003, as the country suffered from drought-like conditions.

In 2010, Russia barred grain exports amid a severe drought.

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