June 26, 2008

 

Russian wheat export up but could have been stronger

    
   

Russian wheat export for the current marketing year was up 7 percent and would have gone even further if export curbs had not kicked in during January. 

 

Russia's wheat export during the first 11 months of the current marketing year, July 1, 2007-May 31, 2008, totaled 11.6 million metric tonnes, some 7 percent more than in the corresponding period in the previous marketing year, the federal customs service reported Wednesday (June 25, 2008).

 

Russia in January this year imposed a prohibitive 40 percent export duty on wheat ( and not less than EUR105 a tonne) to curb rising domestic prices. The export duty will be in effect until the end of the current marketing year June 30.

 

Because of the high export duty, wheat export in May was only 4,600 tonnes, all of it going to Mongolia.

 

Russian wheat exports have shrunk to a third of the levels seen last year due to the export duties. 

 

Grain authorities have hinted at the lifting of the export duty due to a strong expected harvest in the new crop.
   

Video >

Follow Us

FacebookTwitterLinkedIn