Russia will not lift grain export ban now: Putin

A ban on Russian grain exports ordered by Prime Minister Vladimir Putin came into force on Sunday, with the government battling to keep down prices of basic foodstuffs amid a record drought.According to a government decree signed by Putin on August 5, the ban will extend from August 15 up until December 31, although the powerful premier has indicated it may even extend beyond that date if the harvest is bad.

ETF Database submits: With equity markets surging as of late, commodities have been left on the back burner, an after-thought for most investors. However, recent events in both the sugar and wheat markets look to once again put commodity ETPs at the forefront of investors’ minds. While sugar is surging due to seasonality issues, wheat has been heavily impacted by weather issues in one of the world’s most important wheat-producing regions.

[AP] - Russian Prime Minister Vladimir Putin says the country will lift its ban on grain exports on July 1. The government banned exports of wheat, barley, rye, corn and flour in August after a severe drought and heat wave cut the country's grain production by 37 percent.

Vladimir Putin, the Russian prime minister, on Thursday announced a temporary export ban on grains after a severe drought decimated the country’s crops.

"I would like to inform you about one more decision," Russian Prime Minister Vladimir Putin told his cabinet at the end of a government meeting as he prepared to drop one of his trademark bombshells.Top wheat exporter Russia, Putin said, would from August 15 ban the export of grain until December 31 to keep prices down at home amid the worst drought to hit the country in decades.The announcement catapulted wheat futures in Chicago and Europe up 10 percent to new two-year highs and prompted a warning from the UN food agency of a "serious" situation on world food markets.

Russian Prime Minister Vladimir Putin says the country will lift its ban on grain exports on July 1.

Russian Prime Minister Vladimir Putin says the country will lift its ban on grain exports on July 1.

Russia on July 1 will lift a grain export ban it imposed in August 2010 in the middle of an unprecedented drought that wiped out harvests, Prime Minister Vladimir Putin said Saturday."We are lifting the grain export ban on July 1," Putin said in comments released by the government press service.The ban had originally been due to expire at the end of December but was then renewed amid fears of another grain shortfall this year.A top minister had earlier suggested that the ban may be extended through the summer.