The Russian government is suspending the export of wheat, rye, barley and corn to ex-Soviet countries.
Russian Prime Minister Mikhail Mishustin signed a document Monday that would prohibit grain from being exported to Eurasian Economic Union nations, which include Armenia, Belarus, Kazakhstan, and Kyrgyzstan.
Deputy Prime Minister Viktoria Abramchenko said some grain that falls within the country’s quotas will be allowed for export under individual licenses, according to a Reuters report. The ban, she said is aimed at keeping grain inside Russia for domestic consumers.
The Russian agriculture and trade ministries drafted the resolution to ban exporting the grains from Mar. 15 through June 30, according to the Moscow-based Interfax news agency.
Russian grain exports have been curtailed because of the war and closures of Black Sea ports, but the country is a major producer and exporter. Russian grain accounts for 16% of the world’s wheat exports, 13% of global barley exports, 3% of world corn exports and 22% of all the sunflower meal and 30% of sunflower oil exported, according to USDA data.
Global supplies are further tightened by the inability of Ukraine to export because of the Russian invasion. In a normal year Ukraine would account for 10% of global wheat exports, 14% of global corn exports, 58% of global sunflower meal exports and 47% of global sunflower oil exports.
The Kansas City Board of Trade May contract for hard red winter wheat closed up at $11.00 per bushel.
This story was updated at 7:42 p.m. ET to reflect new developments.
