August 24, 2012

Russia to export less corn than planned in 2012

Russia will export less corn than planned this year.

Agriculture Minister Nikolai Fyodorov on Thursday (Aug 23) added, however, that he is strongly opposed to a total ban on exports, as Russia had introduced during the drought year of 2010. However, large customers as Egypt will receive the volume agreed upon before.

Because of the drought, the Russian grain harvest is much lower than expected at the beginning of the year, when the forecast was at 94 million tonnes, as much as in 2011. Later, the projection of the Russian grain production decreased to 80 million tonnes.

Fyodorov had again to revise down the forecast on Thursday (Aug 23) by five million tonnes. "Unfortunately we are changing our calculations almost daily", he said.