Moscow considers wheat export ban Russia is considering a ban on cereals exports in a move that exacerbates fears that wheat prices, already at an all-time high, could surge further on reduced supplies, European cereal traders said. Russia, the world's fifth largest wheat exporter, is concerned about rising local bread prices and inflation ahead of legislative elections in December. Cereals traders said Moscow was contemplating either a partial ban on wheat exports or to introduce a prohibitive export tariff to rein in foreign sales. A decision could be made in the first two weeks of September, the traders added. Moscow's concern comes as other food-exporting countries, such as Ukraine and Indonesia, try to rein in foreign sales amid rising prices. Ukraine, the world's sixth largest wheat exporter, introduced in June prohibitive cereal export tariffs. Indonesia, the world's second largest palm oil exporter, last week raised to 10 per cent its export tariff on crude palm oil to cool domestic prices.
Russia is considering a ban on cereals exports in a move that exacerbates fears that wheat prices, already at an all-time high, could surge further on reduced supplies, European cereal traders said.
Russia, the world's fifth largest wheat exporter, is concerned about rising local bread prices and inflation ahead of legislative elections in December.
Cereals traders said Moscow was contemplating either a partial ban on wheat exports or to introduce a prohibitive export tariff to rein in foreign sales. A decision could be made in the first two weeks of September, the traders added.
Moscow's concern comes as other food-exporting countries, such as Ukraine and Indonesia, try to rein in foreign sales amid rising prices.
Ukraine, the world's sixth largest wheat exporter, introduced in June prohibitive cereal export tariffs. Indonesia, the world's second largest palm oil exporter, last week raised to 10 per cent its export tariff on crude palm oil to cool domestic prices.
I thought that the problem was supposed to be that Europe and the United States subsidized their agricultural sectors.
It's almost as thought there's an insane, simply insane I tell you, belief that the purpose of crops is not to serve as commdities exchanged to boost foreign currency reserves. Rather, these fanatics belief that the principal purpose of the agricultural sector is provide the means by which nation's feed their own people.
This is of course at conflict with the reality that the market underlies all interactions in the modern world.
<shakes head> And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg
