Russia Extends Export Ban Into Mid-2011

Posted by Matt Hopkins|18 January 2011

Russia has decided to expand its grain export ban into July 2011, according to a report by the BBC.

The ban began last August and is a direct effect of the severe drought and heat the country experienced during 2010.

The drought devastated Russia’s crop, severing wheat yields by a third. This caused wheat prices to skyrocket and double in some countries.

To see a video about the wheat export ban, click here.