Global Food Shortage Fears As Russia Extends Wheat Ban

Vladimir Putin has announced Russia will not lift a ban on grain exports before next year’s harvest, extending the embargo for another year, sparking fears over a global food shortage. 

The Russian prime minister said that it was “necessary to note that we will only be able to consider lifting the grain export ban after next year’s harvest ... and we have clarity on the balances”.

His announcement came after deadly protests in Mozambique and the UN’s Food and Agriculture Organisation calling an emergency meeting to discuss the shortages.
The export ban is aimed at keeping the Russian domestic market well supplied with grain after Russia, which the world’s third largest wheat exporter last year when it sold 21.4 million tonnes of grain, after the country suffered a record drought which destroyed a quarter of its harvest.
Forest and brush fires flared up again on Thursday, killing two people and burning down more than 160 houses and buildings. Mr Putin is keen to avoid any signs of social unrest ahead of elections due in 2012.
The export ban from such a key global exporter sent wheat prices to 231.5 euros a tonne, just short of last month’s two-year high of 236 euros, sparking worries of a crisis in global food supplies.
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