FAS Details Russia's Ban on Grain Exports That Begins August 15
The Foreign Agricultural Service has issued an August 6, 2010 GAIN Report that provides provisional details of Russia’s recently announced temporary ban on the export of wheat, barley, rye, corn and wheat and rye flour for the August 15 through…
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December 31, 2010 period. According to FAS, the embargo will apply to all grain exports, including contracts that had been already signed. FAS notes that wheat contracts for 2.0 -- 2.5 million metric tons (MMT) are expected to be canceled due to the ban, and affected exporters will not have to meet their commercial obligations and will be exempt them from any associated penalties.