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Edition: U.S. Article Comments (0) Slideshow Video Save Email Print Reprints Most Popular Most Shared Florida AG proposes tougher illegal immigrant curbs 11 Aug 2010 Scientists find new superbug spreading from India 11 Aug 2010 Few Chernobyl radiation risks from Russia fires 10:23am EDT Attractive women overlooked for certain jobs? 09 Aug 2010 Wall Street drops on jobless data and Cisco outlook 10:51am EDT Analysis: Deflation poses threat to big-ticket retailers 11 Aug 2010 GM posts largest quarterly profit since 2004 10:41am EDT Jobless claims jump shows labor market ailing 11:08am EDT Iran website shows "graves" dug for invading troops 10 Aug 2010 Cancer cells slurp up fructose, US study finds 02 Aug 2010 Scientists find new superbug spreading from India 11 Aug 2010 Cancer cells slurp up fructose, US study finds 02 Aug 2010 Florida AG proposes tougher illegal immigrant curbs 11 Aug 2010 Landslides complicate Pakistan flood relief efforts | Video 09 Aug 2010 Strange and unusual 25 Feb 2010 What do food allergy labels really mean? 11 Aug 2010 India to shut BlackBerry if security not addressed 11:27am EDT Ecuador rocked by 6.9 quake, no major damage 10:43am EDT Attractive women overlooked for certain jobs? 09 Aug 2010 Bank repossessions drive up July foreclosures 10:31am EDT oil spill in china How did Dalian's port get cleaned so fast? The oil spill in the waters off China's Dalian harbor was only a fraction of the size of BP's in the Gulf of Mexico, but workers managed to clean it up in about 10 days. How did they do it? Full Article | Slideshow Breakingviews: China headed for 'Minamata moment' Drought ruins Russia wheat, U.S. says no world crisis Digg This Tweet This Share on LinkedIn Share on Facebook Factbox Grain export curbs and WTO rules 10:58am EDT Related News Few Chernobyl radiation risks from Russia fires 10:21am EDT Related Topics World » Green Business » Russia » Related Video Moscow smog begins to clear Tue, Aug 10 2010 Moscow smoke cloud remains Russia drought may hit grain exports 1 / 9 Residents set grass on fire to create a firebreak, a barrier which slows down or stops new wildfire outbursts, outside the village of Korovino, some 90 km (56 miles) southeast of Moscow, August 8, 2010. Credit: Reuters/Mikhail Voskresensky By Pavel Polityuk and Denis Dyomkin KIEV/TAGANROG | Thu Aug 12, 2010 11:29am EDT KIEV/TAGANROG Russia (Reuters) - As Russia faced drought losses on a quarter of its grain area and Pakistan feared floods had ruined half a million tons of wheat, the U.S. government slashed world wheat crop estimates but said there was no global crisis. The U.S. Agriculture Department (USDA) reduced its forecast for the world wheat harvest by 2.3 percent on Thursday to 645.73 million tons in its August report, below the 650.02 million tons traders expected. But its authoritative monthly report said the world stocks-to-use ratio, the amount of wheat available in proportion to consumption, was estimated at 26 percent, well above the 20.3 percent seen in 2007/08 when food shortages sent prices soaring and led to riots. The lowered estimate prompted a surge in Chicago wheat futures prices, which had fallen 10 percent from two-year highs touched last week. At 9:33 a.m. CDT (1433 GMT), CBOT September wheat futures were up 19 cents at $7.13-3/4 a bushel. In Russia President Dmitry Medvedev, visiting southern agricultural areas of what has been the world's third biggest wheat exporter, said many farmers were close to bankruptcy. "Grain has been lost on one quarter of the sown area," he said. In response to its worst drought in a century, Russia has imposed a grain export ban which is due to come into force from August 15 to restrain domestic food prices. Medvedev said the ban could be lifted before its planned December 31 expiry, depending on the harvest, although Prime Minister Vladimir Putin has said it could last into 2011. Meanwhile, Russian Agriculture Ministry data showed the country may export no more than 4.5 million tons of grain in the 2010/11 crop marketing year and may have none to export after the ban expires on December 31. "With a crop of 60-65 million tons exports may be 2.0-4.5 million tons," it said in a presentation. Russia's farming anxieties were now focused increasingly on possible problems in planting of winter wheat, due soon for harvest next year, and even for next spring's planting campaign. A government commission on the drought was due to discuss this on Friday. "(Winter) sowing is unlikely at least until September," Roman Vilfand, director of the Hydrometcentre, the Russian government weather forecasting service, told a news briefing. "The will not be sufficient rains for the sowing until the last 10 days of August. There will be rains in the last 10 days but not very intensive." Winter grains, mainly wheat, account roughly for 40 percent of Russia's total grain output. UKRAINE CUSTOMS Meanwhile in neighboring Ukraine, also hit by heat, the government was considering limiting exports of wheat and barley in the 2010/11 season, while traders said the Customs Service was already blocking shipments. Ukraine, the world's largest exporter of barley and sixth-largest of wheat, is due to make a final decision on export quotas on August 18. "According to the information we have, the government plans to introduce a quota on wheat and barley," Volodymyr Klymenko, the head of UZA union, told a news conference. "We have heard about the figure of 5 million tons for wheat plus barley." In the 2009/10 season, which runs from July to June, Ukraine exported 9.2 million tons of wheat and 6.2 million of barley. Traders said customs had virtually halted exports from Ukraine after a surge in domestic grain prices risked triggering rises in bread price. Klymenko said at least 15 grain vessels were in Black Sea ports awaiting permission to leave. The Customs Service itself said it had prevented export of 28,500 tons of wheat because of incorrect paperwork. US WHEAT PROSPECTS BRIGHT The USDA data showed unexpectedly strong production forecast for the United States, which will be expected to fill any global deficit. It pegged the 2010/11 U.S. all wheat crop at 2.265 billion bushels, helping maintain world wheat stocks about 40 percent above the crisis levels seen in 2007/08. Washington was already preparing to grab the chance offered by Russia's export curb to meet demand in markets such as Egypt, the world's largest wheat importer and major Russian customer. "There is no question this is an opportunity for us and we're going to take advantage of it," Agriculture Secretary Tom Vilsack said on Wednesday. French analyst Strategie Grains on Thursday sharply raised its forecasts for European Union and U.S. soft wheat exports. "Projected exports from several suppliers have increased to fill the gap left by Russia's export ban," it said. EU soft wheat exports in 2010/11 were seen at 18.7 million tons, up almost 3 million tons from last month's estimate and now nearly in line with 18.8 million tons in 2009/10. U.S. soft wheat exports were revised up almost 6 million tons to 33.6 million and now up 9.7 million on last season. It put Russia's wheat exports at 2.1 million tons, down from 16.4 million seen last month. While there was no global crisis was far away, the wheat situation in Pakistan was grim due to deadly floods. Ibrahim Mughal, president of a national farmers' association, estimated up to 500,000 tons of wheat stocked with farmers has been washed away in Asia's third-largest wheat producer. A Food Ministry official said up to 600,000 tons of wheat stocks had been damaged or destroyed in the flood. "The devastation to crops is immense. I think it's safe to say it will take some billions of dollars to recover, "U.N. humanitarian operations spokesman Maurizio Giuliano said. (Additional reporting by Augustine Anthony and Michael Georgy in Pakistan, Charles Abbott and Roberta Rampton in Washington, Aleksandras Budrys in Moscow, Gus Trompiz in Paris. Writing by Anthony Barker, editing by Nigel Hunt) World Green Business Russia Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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