Russia bans grain exports amid drought
Russia says it will ban grain exports for the rest of the year after a severe drought destroyed 20 percent of its wheat crop.Russia is among the world's largest exporters, and fears that it would cut exports had already helped drive up wheat prices by nearly 70 percent since early June.
Russia can keep up the pace of grain exports in the coming crop year, the head of Russia's Grain Union said on Wednesday, saying damage from a drought was not enough to dent the exportable surplus significantly and carryover stocks were plenty.