July 6, 2011

 

Russia's United Grain Co inks first deals for wheat exports after ban

 

 

Russia's state-owned United Grain Company has concluded its first international contracts for Russian wheat supplies after a ban on grain exports was lifted on July 1, the company said in a statement Tuesday (Jul 5).

 

Specifically, the company plans to export up to 100,000 tonnes of Russian wheat by the end of July. The first supplies are to be sent to Mediterranean countries, the company said without specifying the countries.

 

The ban on grain exports was introduced in August 2010 in an effort to reduce grain prices amid a severe drought.

 

Russia could export up to 15 million tonnes of grain in the 2011-2012 agricultural year, Russian Prime Minister Vladimir Putin said on June 23. The grain harvest is expected to amount to 85 million tonnes in 2011, Putin reiterated at the time.

 

Established in 2009, the United Grain Company is the government's agent for grain purchases aimed at supporting domestic producers and increasing competition. The company launched commercial supplies of grain in May 2010.

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