Wheat Rises on Concern Russia to Extend Export Ban by 11 Months
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Wheat futures rose after Prime Minister Vladimir Putin indicated that Russia, a leading global exporter, may extend a ban on grain exports by as long as 11 months.
“We can only review lifting the ban on grain exports after the next year’s crop is harvested and we have clarity on the balances,” Putin said today. The export ban, originally set from Aug. 15 to Dec. 31, may last until November 2011, the time that the country normally completes its harvest. The most-severe drought in at least 50 years has slashed production.