Russia may extend grain exports ban

Russia may extend its ban on grain exports until next July.

Deputy Prime Minister Viktor Zubkov said today that the resumption of exports is “not feasible.”

Global wheat prices skyrocketed after Russia announced the ban in August following the hottest summer on record and fires that devastated the country.

Zubkov said this year’s harvest won’t exceed 66 million tons, below the country’s annual need of 77 million tons.

His comment, reported by the RIA Novosti news agency, follows statements by President Dmitry Medvedev that Russia may lift the ban after harvest figures come out later this year.

Last year, Russia was the world’s third largest wheat exporter.