Russia continues to export wheat | agriculture commodities news july 3 | agriculture commodities | Russia, one of the world's largest wheat exporter, to stop exports to safe domestic supplies.
Russian wheat exports have resumed after a one year suspended due to severe drought and catastrophic fires that destroyed a third of the country's harvest.
Russia, which had become the third largest wheat exporter in the world, stopping exports to secure supply for domestic consumption.
However, this year's crop is estimated to be better than projected, and based on the rainfall in May and June, the weather experts predicted last year's drought will not happen again this year.
Some Russian officials now estimate, Russia will export up to 15 million tonnes of wheat in 2011. They say they are monitoring carefully the conditions in the country while the country's exports increased.
Russian wheat prices have declined in recent weeks, officials said if prices began to rise in the country, they have a 6 million ton grain reserve to stabilize prices.
It is not clear how much until the Russians resumed exports would affect the international grain market. [ agriculture commodities ]