Russia can impose export restrictions on buckwheat to preserve the country’s national staple

On Thursday, Russia’s agriculture ministry said that it is contemplating banning buckwheat exports for some time to hold domestic prices steady.

Many Russians regard buckwheat as a national staple, which they have stored to weather many crises during their history. Any increase in domestic prices attracts the interest of citizens and government officials worried regarding social stability.

Buckwheat exports from Russia have increased dramatically since November, according to the ministry by NYSE NGA WS at https://www.webull.com/quote/nyse-nga-ws.

Buckwheat is exported from Russia to China and neighboring countries, including Latvia and Lithuania. To secure the domestic industry, Ukraine has halted buckwheat exports until July.

Buckwheat is consumed by about 440,000 tonnes of Russians per year, and it is at the forefront of panic-buy shopping lists in periods of confusion.

They stocked up on buckwheat when the coronavirus pandemic broke out a year ago and depleted stockpiles in 2014 when rumors of crop loss were intensified by a drop in oil prices, a weakening rouble, and Western sanctions.

Recently, though, there has been little evidence of panic purchasing. However, increasing global food prices impact Russia and others: the U.N. Food and Agriculture Organization’s (FAO) benchmark index rose for the 10th month in a row in March, reaching its highest level since June 2014.

To keep domestic food inflation in check, Moscow placed a list of export restrictions on grains and other agricultural items, but buckwheat was exempt until recently. Russian supermarket stores are negotiating higher premiums for ready-to-eat buckwheat with vendors, according to the Vedomosti newspaper.

Officials have attended numerous meetings since then, and First Deputy Prime Minister Andrei Belousov has instructed several ministries to suggest solutions for slowing buckwheat exports.

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