Russia to lift grain export ban after harvest increase

BBC News reports that  Prime Minister Vladimir Putin has announced that Russia is to lift a ban on exporting grain from 1 July. "The export ban was put in place in August last year, following an unprecedented drought and the widespread outbreak of wildfires. Millions of tonnes of crops were lost, cutting output by some 37%. Russia is the world's third biggest producer of wheat, barley and rye and the ban contributed to a sharp rise in global wheat prices. In 2009, Russia exported a quarter of its annual grain output of 97 million tonnes. But in 2010 it produced only 61m tonnes, and the government ruled that as 80m was needed for domestic consumption, none could be sent elsewhere. The ban had been due to expire last December, but was extended over concerns of another shortfall. The official forecast for the 2011 wheat crop has now been set at 85-90m tonnes and there had been concerns that excess crops could go to waste if the ban were not lifted". Follow the link to read the full article.