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Russian Export Ban Boosts Barley Prices

19 August 2010

AUSTRALIA – Prices of barley, along with other cereal grains, have spiked as a result of Russia's ban on exports

ABC reports that earlier this month, Russia imposed an absolute restriction preventing its farmers from exporting wheat and barley, amid concerns over food security following a severe drought and subsequent wildfire.

US grain analyst, Dan Basse, told the news provider that China was also experiencing some of its highest prices on record for rice, wheat and corn following the Russian ban.

"It's all dislocation of supply. Once the Russians backed out of trade, a lot of people were caught short and didn't know where to turn," he said.

Mr Basse added that buyer positions in the northern hemisphere and suppliers of grain were turning to the US.

TheCropSite News Desk

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