Another major global breadbasket may halt grain exports

https://www.rt.com/business/553255-global-breadbasket-grain-export-halt/

Kazakhstan plans to introduce temporary restrictions on grain and flour supplies

Kazakhstan is considering the introduction of temporary restrictions on the export of grain and flour to protect its domestic food market, Agriculture Minister Yerbol Karashukeev said on Monday, without specifying any dates. Kazakhstan is one of the top 10 grain exporters in the world, supplying over 70 countries.

“The issue of imposing restrictions on both grain and flour exports is being worked out,” he told reporters, adding that the measure was due to the fact that local producers “do not want to sell grain to flour millers.”

“Russia has imposed a ban on the export of grain, we know the situation, we are keeping it under control. Our balance of grain as of this morning is positive, and it will be positive,” the minister explained. “We have enough for the domestic market… there will still be some left for export at the level of average annual volumes. Exporters do not want to sell on the domestic market, they are waiting for the export price to rise,” he said.

READ MORE: Russia raises grain export tax

Karashukeev added: “If we look at exchange prices, we will see they are rising day by day.”

Grain prices have hit record highs lately due to supply shortage concerns as a result of the crisis in Ukraine. Russia and Ukraine account for about 30% of global wheat exports. Analysts have been voicing concerns that the current situation may lead to a full-blown global food crisis.


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