August 4, 2011

Russia to export five million tonnes of grain to Egypt

Russia may provide Egypt with around five million tonnes of grain in the 2011–12 marketing period, according to Russian Grain Union's President, Arkady Zlochevsky, on Wednesday (Aug 3).

This figure is based on Russia exporting a total of 20–25 million tonnes of grain in this period, Zlochevsky added.

On the whole, Russia exported 2.1 million tonnes of grain as of July 29 and is expected to supply 3–3.5 million tonnes of grain to the world market in August, Zlochevsky said.

The Russian government lifted its ban on grain exports on July 1. The ban was introduced in August 2010 in an effort to reduce grain prices amid a severe drought.

Also, Zlochevsky said that before imposing the ban on grain exports, exports to Egypt accounted for 25% of Russia's total grain exports.

Moreover, Russian grain exporters have won tenders for grain supplies to Egypt totalling 540,000 tonnes with the shipments to be made in August.

Earlier, Russian Prime Minister Vladimir Putin said that Russia could export 15 million tonnes of grain in the 2011–12 marketing season.