July 18, 2012

 

Russia's 2012 wheat exports down due to low stocks, drought
 

 

Due to low stocks and a drought in the southern breadbasket regions, Russia may export just 10 million tonnes of wheat this year as grain exports fall by half this year from last year's record 28 million tonnes, a leading Russian analyst said on Tuesday (July 17).

 

"At forecast production levels, with a reduction in carryover stocks, and an insignificant increase in domestic consumption, Russian grain exports in the 2012-13 agricultural year could fall by half to 13-14 million tonnes, including 10 million tonnes of wheat," Andrei Sizov Sr., chief executive of the SovEcon consultancy, said.

 

"These volumes would be achieved through a significant increase in external prices, which will support export, regardless of rising domestic prices."

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