August 17, 2010

Russia's Novorossiysk ports boost wheat exports ahead of ban

Russia's main gateway for grain exports, Novorossiysk ports, has boosted outbound shipments to 37% in the first two weeks of August ahead of a government ban.

According to government estimates, Russia's total grain exports could be about one million tonnes before the ban came into effect on August 15.

The ports on the Black Sea shipped 558,000 tonnes of grain in the period, including 510,000 tonnes of wheat. The "overwhelming" amount was bound to Egypt.

The country's state trader, United Grain Co., supplied about a third of the grain while Glencore International AG's Russian unit, International Grain Co., was the second-biggest shipper in the period.