Russian wheat export ban executed

Record drought accompanied by wildfires in Russia
has prompted Russian ‎government to place a temporary
ban on grain exports until the end of ‎the year.


Source: Press TV
http://www.presstv.ir/detail.aspx?id=138742§ionid=3510213


A ban on exports of wheat and other grains has come into force in Russia, after a severe drought and a spate of wildfires devastated crops in the country.

The ban which will be valid until the end of the year, follows a hike in the price of grains since June when Russia started feeling the effects of a heatwave that has destroyed one-third of the country's harvest.

Russian prime minister's spokesman Dmitry Peskov said earlier this month that exports of wheat, corn, barley, rye, and other grain products would be halted from August 15 until December 31.

Data released recently by Russian Agriculture Ministry has revealed that this year's crop is unlikely to meet even domestic demand.

The world's third largest wheat exporter expects to harvest 60-65 million tones of grain this year after two bumper crops of 97 million tones in 2009 and 108 million in 2008.

Experts say the country is temporarily prohibiting grain exports as it seeks to keep domestic food prices under control.

The ban comes as wildfires and drought across western and central Russia have destroyed 10 million hectares of crop.

The ban announcement has sent wheat prices soaring on US exchanges and caused double-digit gains in Europe.

Drought-hit Russia bans grain exports

Crops burn near Voronezh, 300 miles south of Moscow,
after weeks of searing heat and no rain, file photo



Source: Press TV
http://www.presstv.ir/detail.aspx?id=137646§ionid=351020602


Record drought in Russia has prompted the country's prime minister to place a temporary ban on grain exports until the end of the year.

"In connection with the unusually high temperatures and the drought, I consider it right to impose a temporary ban on the export from Russia of grain and other products produced from grain," Vladimir Putin told a government meeting on Thursday.

The ban comes as wildfires and drought across western and central Russia have destroyed 10 million hectares of crop.

The world's third largest wheat exporter has reportedly lowered its annual 90 million tons of forecast to a range of 70 to 75 million tons this year.

From August 15 until December 31 exports of wheat, corn, barley, rye, and other grain products will be halted, the prime minister's spokesman Dmitry Peskov said on Thursday.

The Kremlin also seeks to ask fellow members of a tripartite customs union -- Belarus and Kazakhstan -- to make a similar move.

The Economic Development Ministry has been instructed to submit a proposal to the relevant commission, a governmental press release said.

The announcement has sent wheat prices soaring on US exchanges and caused double-digit gains in Europe.

Venezuela's Chavez warns price 'speculators'

Source: PressTV
http://www.presstv.ir/detail.aspx?id=115869§ionid=3510213


Venezuela's President, Hugo Chavez, has ordered the country's troops to seek out businesses that raise prices after a recent devaluation of the currency.

"I want the National Guard to hit the streets with the people to fight against speculation and take measures," Chavez said Saturday night during his weekly TV speech after a devaluation of the bolivar last week.

"Right now, there is absolutely no reason for anybody to be raising prices of absolutely anything," the president said.

On Friday, Chavez devalued the country's national currency by around 17 percent.

The move is considered to be a bid to offset a recession and increase the government's oil earnings.

Thousands of Venezuelans rushed to shops on Saturday, fearing that currency devaluation will increase prices.

Chavez said Saturday that the devaluation will help make Venezuelan companies more competitive, but he warned the government would act against shops that illegally rise prices.

"This government protects and will continue to protect the weakest with investment and with special attention," he concluded.