Russian grain export ban to be lifted

The ban on grain exports from Russia will be lifted as of July 1st, 2011 following a ten percent increase in planting and six million tonnes of grain reserves in the country. Previously the third largest wheat exporter in the world, a ban was put in place last August to prevent wheat shortages following severe drought conditions in many regions of the country. The ban removal is expected to assist threatened shortages in the US and Europe due to extreme weather conditions. The price of wheat has dropped since the announcement.