April 23, 2013

Amid falling domestic prices, Russia's grain exports jumped 57% this month from March.

According to the Agriculture Ministry, deliveries increased to 322,000 tonnes in April's first 17 days from 205,000 tonnes in the first 20 days of March.

The government has sold almost three million tonnes of cereals from stockpiles since October in an effort to reduce prices, which climbed to record high after a drought reduced last year's crop to 70.9 million tonnes. Average milling-wheat prices have been falling since the second week of February and reached RUB9,575 (US$303) a tonne last week, according to figures from researcher SovEcon.

"Exports increased in April because prices in southern Russia fell and became competitive for supplies to such countries as Tunisia," Vladimir Petrichenko, director of Moscow-based consultancy OOO ProZerno, said.