June 8, 2012

In 2012-13 agricultural year, Russia's Economic Development Ministry forecasts the country's grain harvest at 92 million-94 million tonnes with grain exports at 22 million-23 million tonnes, Lyudmila Tyazhelnikova, head of economy sectors development, said Thursday (June 7).

In the 2011-12 agricultural season, ending on July 1, Russia harvested 94.2 million tonnes of grain according to the Federal State Statistics Service. Deputy Agriculture Minister Ilya Shestakov said Russia has already exported 25.7 million tonnes this season and the total export is expected to reach 26.5 million-27 million tonnes.

"As of today, we have already exported 25.7 million tonnes, including 20.4 million tonnes of wheat, 3.2 million tonnes of barley, 1.8 million tonnes of corn,"Shestakov said at an international grain round.

Agriculture Minister Nikoilai Fyodorov previously said, Russia could boost grain exports to 40 million tonnes annually by 2020. However, analysts said the current infrastructure allows handling of no more than 30 million tonnes of grain annually.

Shestakov also said Agriculture Ministry has decided to stop commodity interventions at the Russian grain market this week, without specifying the date.

"Given the fact that grain from the new harvest would start entering the market almost in two weeks, we have decided to suspend the commodity interventions. The last interventions are to be carried out this week," he said.

The grain interventions were launched on April 4, 2012, and since that time Russia sold more than two million tonnes of grain from its intervention fund.