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Russia Monitoring Grain Supply, Considers Intervention

Russia, the world’s third-biggest wheat exporter last season, is monitoring its grain supply on a weekly basis after drought damaged crops this year.

The country, which banned exports for more than 10 months following the worst drought in at least half a century in 2010, isn’t planning to restrict shipments, Deputy Prime Minister Arkady Dvorkovich said yesterday in London.

Russia maintains its forecast for a harvest of 70 million to 75 million metric tons of grain, said Dvorkovich, who described the export pace as satisfactory. The country may run out of grain available for shipments in November, a Bloomberg survey of traders showed last month. Exports were forecast by the government on Aug. 31 to be 10 million to 14 million tons.

The country will use an intervention fund to sell stockpiles when the time is right and will probably discuss the situation next week, Dvorkovich said.

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