MOSCOW, March 24 (Reuters) – Russia could recommend a temporary halt in wheat and sunflower exports after a sharp drop in global prices in recent weeks, the Vedomosti business daily said on Friday, citing two unidentified sources who attended a government meeting on the move.
The paper said Russia’s agriculture ministry would meet industry representatives this week to discuss the idea of a temporary curb on exports.
An agricultural powerhouse, Russia is among the world’s largest exporters of wheat, sunflower oil and seeds.
Prices of sunflower oil have dropped by more than 20% over the last 10 days, the paper cited the government as saying during an internal meeting on Thursday.
The government had already said it would look to more than triple purchases of grain for the state reserve fund, to 10 million tonnes.
The fund is aimed at helping to smooth domestic prices, allowing the government to cool the market by offloading supplies should prices rise too fast.