iNnlRNATIONALECONOMY I~
Russia ends ban on grain exports nuSSlA, once the world's sec.!\Dndbiggest wheat exporter, will let a grain-export ban expire July I, increasing supply as drought and flooding threate ns crops from Europe to the U.s. Farmers have sown 10 per cent more acres and srockpiles exceed 6 million metric tons, First Deputy Prime Minister VIktor Zubkov said yesterday, according to a government statement. Russian grain traders accelerated purchases in the last several weeks, moving supply ro silos near pons in antiCipation of the end of the ban which began in AUgust, agricu ltural researcher SovEcon said May 20. . Wheat traded in Chicago, a global benchmark, as much as doubled in the past year as drought and flooding from Canaaa to Russia to Europe ruined crops. Russia's export ban, combined with quotas on shipments 'imposed by Ukraine, tightened supply and contributed ro global food price\ .tracked by the United Nations surging ro a record in the first quarter. While extra shipments will help ease supply concerns, extreme weather may curb output elsewhere and keep prices high. ''The complicated weather and crop situation around the world means we shouldn't expect a significant price drop," Dmitry Rylko, general direcror of the Institute for Agricultural Market Studies in Moscow, said yesterday. It may also take some time for expons ro-resume after the ban is lifted
Strengthening global economy cuts debt, . says G-8 chiefs ROUP of Eight (G-8) leaders said a strengthening G global economy wilrpave the
Russia's wheat farm
and "Idon't expect record-high expons from Russia in July." he saId. Wheat for July delivery rose 0.6 per cent to $8.1975 a bushel on the Chicago Board ofTrade on May 27, wrule com for delivery in the same month jumped 1.7 per cent to $7585 a bushel. Rain is delaying planting in the U.S. Great Plains and Canadian prairies. About 45 per cent of the u.s. winter wheat crop was ill very poor or poor condioon, the U.S. Department of Agriculture said May 23. By contrast, Russia's Agriculture Ministry estimates the total grain harvest may be 85 million to 90 million tons, up from 60.9 million tons last year. Russia will export 10 million
tons of wheat in the 12 months ending in lune next year, up from 4 milfion tons in the current year, according to the USDA Thafs still less than the 18.6 million tons sold a year earlier. Corn shipments will jump to 1 million tons from 25,000 tons and barley cargoes to 800,000 tons from 300,000 tons, the USDA estimates. Russia has about 4 million tons of wheat available for export in the south of the country, though as much as half of it may not be of good enough quality to ship, said Alexander Korbut, vice president of Russia's Grain Union, the largest lobby group for cereal exporters. Russian pons can handle as much as 35 million tons a month, he said.
way to cuts in the debt built up during the recession dlat followed the 2008 financial crisis. Europe vowed to fight its fiscal woes wi th "determ ination," while President Barack 'Dbama promised a "clear and credible" U.S. deficitreducti on strategy. lapan was a llowed to put off savings measures until its economy rebo unds fro m the March earthquake and ts unami. ''The global recovery is gaining strength and is becoming more self-su stained ," according to a statement after a two-day summit in Deauville, France. Without mapping out binding tarj?ets, the leaders pledged to remain focused on the action reqUired to enhance the sustainability of public
finances."
The harshest econom ic crisis since the Great Depression drove debt in the U.S., Japan and the 17-nation euro region past the m ark of 90 per cent of gross domestic product t ha t economists Kenneth Rogoff and Carmen Reinhart say can weigh on long-term growth prospects. Echoing that assessment, the Organization for Economic Cooperation and Development on May 25 warned that deepening holes in public finances may
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be a drag on the recovery: It as well as currency misalignpredicted growth of 4.2 per ments that threaten world cent in the world economy growth. this year and 4.6 percent in Oil prices reached a 31-month 2012. high of $114.83 on May 2 as the "Downside risks remain, recovery - boosted fue l a nd internal and externa l demand and the war in Libya imbalances are still a con- cut supply by 1.5 million barcern," the G-8 said. "The re ls a day, according to econosha rp increase in commodi- mists Goldman Sachs Group ty prices and their excessive Inc Oil has since dropped to volatili ty pose a significant $100.58. headwind to the recovery." Goldman's economists now With unemployment at 9 expect oil prices to touch $140 per cent in the U.S. and 9.9 a barrel by the end of 2012, per cent in the euro area, raising an earlier forecast of. leaders of the G-8, the U.S., $120 a barrel, the bank said in Japan, Ge rmany, U.K., France, a research note. Ita ly, Canada and Russia The Standard & Poor's 500 ' spiced the final version with Index has gained abour 5.5 more references to growth percent so rar this year, while and job creation. the Europe's stoxx 600 is up The statement made clear abour 0.5 p~r cent The global that the wider Group of 20, expansion has helped spur including developing coun- the euro as demand for the tries such as China, India and dollar's haven status wa ned. Brazil- hqs become the prin- The euro rose 0.4 percent this cipal forum for steering the _ week, bringing its 20U gain to world economy. The next G- 路"6.2 percent . 20 get-together IS In Fiscal woes loomed over the November in Cannes, France. discussions, with Europe That meeting, also to be preparing a second aid packhosted by French President age t~ save Greece from Nicolas Sarkozy, will try to default and dIe OECD forecastwork out an internationa l ing debt of 107 percent of GDP radar system that warns of in the u.s. and 218.7 percent in imba lances involving cur- Japan by the end of2.o12. rent accounts and budgets,
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