We Have Grain But Thank You Anyway…

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Russia will not import grain this year despite drought wiping out a quarter of its crops, Russian Agriculture Ministry official Oleg Axyonov said on Friday.

“Russia will not import grain. We have enough grain,” Axyonov told RIA Novosti.

Local newspapers have said Russia, the world’s third largest grain exporter before it banned exports this month, could import five or more million tons of grain in 2010-2011.

“This spoof was started by unscrupulous grain traders to raise the market temperature, and trigger a crazy demand for grain,” Axyonov said.

Wheat futures fell in Chicago on Friday, wiping out previous gains, on speculation that rains in Russia this week could help the planting of winter crops. Rain fell in dry areas in Russia’s central wheat belt on Thursday and more is forecast for the next week, the national weather center said.

Russia banned grain exports this week due to the effects of the drought.

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