Russia may curb grain exports after all
Russia may impose grain export curbs after all to quell a rise in domestic prices of the grain, the country’s economy minister said, as Russia’s continued success in shipments continues to erode supplies.
Andrei Belousov, Russia’s economy minister, said it was “quite possible” that the government, which two years ago banned shipments altogether after dryness devastated grains production, would restrict exports of this year’s drought-hit crop.
The comments fostered a rise in prices of wheat, Russia’s main grain export, which stood 1.6% higher at $8.93 ¾ a bushel in Chicago at 10:10 UK time (04:10 Chicago time), while gaining 0.8% in Paris and 1.2% in London.
And they appeared to put Mr Belusov on a collision course with Deputy Prime Minister Arkady Dvorkovich, who said at the end of August, after a meeting with farm ministers which eschewed trade curbs, that “we consider any export restrictions harmful.
“We will use the instruments we have – market interventions and information exchange with market participants.
“As long as I am in charge of this sector, I will be against any export restrictions.”
Separately on Friday, Mr Dvorkovich said that Russia did not plan to impose export curbs.