Russia Lifting Grain-Export Ban as Drought Hits Crops Elsewhere
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Russia, once the world’s second-biggest wheat exporter, will let a grain-export ban expire July 1, increasing supply as drought and flooding threatens crops from Europe to the U.S.
Farmers have sown 10 percent more acres and stockpiles exceed 6 million metric tons, First Deputy Prime Minister Viktor Zubkov said yesterday, according to a government statement. Russian grain traders accelerated purchases in the last several weeks, moving supply to silos near ports in anticipation of the end of the ban which began in August, agricultural researcher SovEcon said May 20.