The Russian Government has played down concerns about rising food costs, by deciding not to ban wheat exports this year.
Droughts in Russia and the United States are pushing global grain prices up, and there was concern in the industry that Russia would stop exports to keep domestic food prices under control.
Grain market analyst Arlan Suderman, from Kansas in the US, says the announcement meant grain prices fell overnight.
"I think that they will eventually begin rationing that supply, but use export tariffs instead of a ban," he said...
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Source: Argentine Beef Packers S.A.
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