February 22, 2012

Russia exports 19.8 million tonnes grain

Russia's grain export volumes reached 19.8 million tonnes since July 1, 2011 up to present, reported Elena Skrynnik, Minister of Agriculture of the Russian Federation, on February 21.

Previously, experts estimated export volumes of grains in the current agricultural year at the level of slightly more than 20 million tonnes.

Due to the fact that in 2011 Russia harvested grains at the level of 94 million tonnes against the expected volume of 90 million tonnes, the grain balance in the country allows easily exporting the product, noted Skrynnik.

The Ministry of Agriculture estimated the export potential at the level of 25 million tonnes by the end of the season, i.e., till July 1, 2012, at the same time Viktor Zubkov, First Vice Prime-Minister, the export is estimated at the level of 27 million tonnes in the current season.

While commenting on purchasing operations of the intervention fund on the Russian grain market, E.Skrynnik announced that they will continue, until it is necessary to remove grain surpluses from the market, adding that there is no need for grain selling back on the market yet.

Since the beginning of the purchasing interventions, i.e., from the end of November 2011, to February 21, 2012, the intervention fund purchased 404,870 tonnes of grains at the sum of RUB1.86 billion (US$0.06 billion).