Russia Faces Acute Grain Shortage
28 September 2010
RUSSIA – Russia is facing an acute grain shortage as a result of the country's worst drought in more than 50 years.
According to the Moscow Times, SovEcon reported the shortfall last week. The Russian agricultural news agency said that the country may import more than six million tonnes of cereals as a result.
There is expected to be a grain surplus of just four million tonnes when marketing begins on 1 July 2011, after domestic usage of 77 million tonnes. The newspaper reports that the Russian Agriculture Ministry has estimated a domestic crop of between 60 million and 65 million tonnes. This is at least 30 million tonnes below last year's 97.1 million tonnes harvest.
The SovEcon report said: "There will be a most acute shortage in the market. The country won't last until the new crop with four million tons of inventories."
Earlier this month, a meeting was held by the Food and Agricultural Organization of the UN to discuss rising wheat prices as a result of the Russian export ban on grains.
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