Russian Government To Halt Exports of Wheat And Sunflower

COMMODITIES(B-Trams):

MOSCOW: The Russian governmtnet  could recommend a temporary halt in wheat and sunflower exports after a sharp drop in global prices in recent weeks.

According to the sources, representatives from Russia’s industry and the ministry of agriculture would meet this week to talk about the idea of limiting exports for a while.

Earlier Russian government planed to ban crude oil exports to maintian the price cap in februaryrread More

Russian government  is one of the world’s largest exporters of wheat, sunflower oil, and seeds, making it an agricultural powerhouse.

Costs of sunflower oil have dropped by over 20% throughout the course of recent days, the paper refered to the public authority as saying during an inward gathering on Thursday.

The government had previously state that it would consider increasing grain purchases for the state reserve fund by more than triple to 10 million tonnes.

The fund aims to smooth domestic prices by enabling the government to offload supplies to cool the market in the event that prices rise too quickly.