The European Union has extended its halt on grain export subsidies until Oct. 12, commercial exporters said.
The Agricultural Committee of the EU made the decision Thursday in Brussels, according to Warren King, analyst with Cargill Investor Services in Chicago.
“Our London office was told earlier today by EU officials,” King said Thursday. “We were advised by the EU they wouldn’t be subsidizing exports until after another meeting of the committee scheduled for Oct. 12, when they will look at the market situation.”
The EU halted export subsidies in July as rising wheat prices, coupled with low global supplies and the prospect of smaller crops this year, meant exporting nations don’t need to compete as aggressively for market share.