Accordingly, Russian Prime Minister Mikhail Mishustin yesterday signed a document banning grain exports to the countries of the Eurasian Economic Union, including Armenia, Belarus, Kazakhstan and Kyrgyzstan.

Deputy Prime Minister Viktoria Abramchenko said only certain grains within the country’s quota would be allowed to be exported with a special license. Reuters news agency quoted Viktoria Abramchenko as saying the Russian government’s grain export ban aims to ensure national food security and cater to the domestic consumer market.

According to the Russian News Agency interfax The Moscow-based Russian Ministry of Agriculture and Trade has drafted a resolution banning grain exports from March 15 to June 30.

Russia’s grain exports have been severely restricted due to the war situation and the closure of ports in the Black Sea region, but the country remains one of the world’s top producers and exporters.

According to the United States Department of Agriculture (USDA), Russia currently accounts for 16% of world wheat exports, 13% of world barley exports, 3% of world corn exports, 22% of world corn exports, sunflower meal, and 30% of world sunflower oil exports.

The world grain supply is further strained because neighboring Ukraine is in a state of war and cannot export many important agricultural products. In a normal year, Ukraine would account for 10% of world wheat exports, 14% of world corn exports, 58% of world sunflower meal exports, and 47% of world sunflower oil exports.

Currently, the May supply contract with the Kansas Board of Trade (USA) for red hard wheat closed at 11 USD / bushel (35.2 kg).

Related to this, US President Joe Biden today signed into law a $13.6 billion emergency aid bill for Ukraine related to the crisis in that country with no way out. Accordingly, this aid package includes $3.5 billion in defense assistance to Ukraine, as well as more than $3 billion for the deployment of US troops in countries around Ukraine, and about $4 billion in humanitarian assistance such as food and medication.

According to market observers, international grain prices are high due to supply chain shortages caused by the pandemic and poor production in key grain-producing countries. Statistically, the import price per ton of wheat in Korea was $369 in February, up 37.3% year-on-year and 46.6% more than two years ago. The price of imported corn also rose 40.1% year-on-year last month to $335, up 63.4% year-on-year, increasing product prices and creating a greater burden for consumers. It is expected that momentum in grain prices will continue to increase in the short term. (Yonhap)