World’s Biggest Wheat Shipper Hits Quota Limit Ahead of Time

(Bloomberg) --

Russia, the world’s biggest wheat shipper, hit the limits of its self-imposed quota on grain exports two months ahead of schedule.

Wheat exports for April through June reached the nation’s quota of 7 million tons on Sunday, the Agriculture Ministry said in a statement. Russia will halt grain shipments after the last cargo booked under the quota leaves the country, the ministry said, without specifying when that could happen.

Exports will resume when the next marketing season starts on July 1, the ministry said. That’s when farmers will begin to offer grain from the new harvest.

Russia set the grain quota to protect domestic supply and contain prices amid upheaval from the coronavirus and a plunge in oil prices. Several other countries, including Ukraine and Kazakhstan, have also limited food exports.

©2020 Bloomberg L.P.

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