Bloomberg News

Russia’s Government Officials Will Meet Aug. 8 to Discuss Grains

August 06, 2012

Russia’s government officials set Aug. 8 to meet and discuss grain supplies.

Deputy Prime Minister Arkady Dvorkovich and Agriculture Minister Nikolai Fedorov are expected to participate, according to the government’s press service and Dmitry Bobkov, Agriculture Ministry spokesman. The grain crop estimate may be lowered to 70 million metric tons because of drought, Interfax reported last week, citing Alexander Chernogorov, deputy agriculture minister. Last year, the crop was 94 million tons of grains, according to state statistics data.

Russia banned exports of grains in 2010-11 after the worst drought in at least half a century reduced production to 60.9 million tons. In 2011-12, Russia exported a record 27.2 million tons of grains, according to Agriculture Ministry data. Exports may drop as low as 10 million tons this season in 2012- 13, Dvorkovich said on Aug. 2.

Wheat for December delivery was little changed at $9.04 a bushel on the Chicago Board of Trade today.

To contact the reporter on this story: Marina Sysoyeva in Moscow at msysoyeva@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net


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