October 21, 2022

Russia to set grain export quota at 25.5 million tonnes between February to June 2023

Dmitry Patrushev, Russia's Minister of Agriculture has proposed setting the nation's grain export quota between February 15 to June 20, 2023 at 25.5 million tonnes, Reuters reported.

The majority of Russia's wheat exports go to the Middle East and Africa. To ensure a sufficient supply for domestic needs, it typically establishes grain export quotas for the second half of the July–June marketing season.

The amount of the quota is the same as that which the Union of Grain Exporters of Russia proposed earlier in October, when it stated that such exports would not be of a restrictive nature and would be a compromise option.

Patrushev said they will widen the export window with regard to the quota, which they customarily set in February for the second half of the season, said in a statement.

Patrushev also said they anticipate that it will be 25 million tonnes in size without breaking it down by specific cereals, adding that another 500,000 tonnes will also be set aside for export from the far east regions.

Russian President Vladimir Putin's projected that Russia is on track to harvest a record grain crop of 150 million tonnes, including 100 million tonnes of wheat, in 2022.

For the state stockpile this season, Patrushev said, the ministry had already purchased 900,000 tonnes of grain from the domestic market. He projects that 3 million tonnes will be spent overall this season.

-      Reuters