March 31, 2009
Russia raises 2008-09 export forecast to 19 million tonnes
Russia has increased its grain export forecast for 2008-09 to 19 million tonnes, as storage capacity are required for the government's 2009-10 intervention stocks.
New Agriculture Minister Yelena Skrynnik said Russia would export some of its current grain stocks under intergovernmental agreements.
The Russian government had initially planned to export 20-25 million tonnes of grain in the current season after a bumper crop of 108.1 million tonnes, but had later reduced it to 18 million tonnes.
The government has also bought nearly 8.5 million tonnes of 2008-09 grain for its intervention stocks, and has set aside nearly RUB20 billion (US$589.3 million) for the 2009-10 intervention purchases, Skrynnik said.
Support prices for the 2009-10 have been set at levels close to last year's, but the government will raise it depending on the market situation on a weekly or monthly basis, she said.
The government is currently building a wholly state-owned state trader, which may start operations in the 2009-10 starting in July.
