September 12, 2011

Russia's grain exports nearly reach six million tonnes

Russia exported 5.7 million tonnes of grains, including 92% of wheat during two months of the new season, said Sergey Sukhov director of the Department of regulation of agricultural and food markets and infrastructure development of the Ministry of Agriculture.

He noted that Egypt, Turkey, Saudi Arabia and other countries were the main destinations of Russian grain exports and that there is a progress on entering other markets, especially in Asian countries.

The export trading reduced all concerns about the high carry-over stocks of grains in the country, and that as of July 1, the carry-over stocks of grains without new harvest grain volumes totalled 22.4 million tonnes, said Sukhov. The active export is the signal that there will be no further pressure at grain prices on the domestic market.

He also added that the European market the prices stopped falling, and there is the tendency to restore them. He recalled that the forecast of grain production in Russia this year totals 87-90 million tonnes. In the near future, the government will call more exact figures. Russia resumed grain exports since July 1, 2011, after almost a year of hiatus.