Content ID

334921

UPDATE 2-Russia plans grain export quota at 25.5 mln T for Feb 15-June 30

(Changes source of information, adds details, quotes context)

MOSCOW, Oct 19 (Reuters) - Russia's agriculture ministry has proposed setting the country's grain export quota at 25.5 million tonnes for the period from mid-February until the end of June, the minister, Dmitry Patrushev said on Wednesday.

Russia is the world's largest wheat exporter, which chiefly supplies its wheat to Africa and the Middle East. It usually sets up grain export quotas for the second half of the July-June marketing season to secure enough supply for domestic needs.

The size of the quota is equal to the one proposed by Russia's Union of Grain Exporters earlier in October, when it said that such exports would be not of a restrictive nature and would be "a compromise option".

"As for the quota, which we traditionally set in February for the second half of the season, we will certainly expand the export window," Patrushev said in a statement.

"Preliminarily, we plan that its size will be 25 million tonnes without a breakdown by individual cereals. In addition, another 500,000 tonnes will be allocated for export from the far east regions," he added.

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

Patrushev added that the ministry had already bought 900,000 tonnes of grain from the domestic market for the state stockpile this season. He expects this season's total purchases to reach 3 million tonnes. (Reporting by Polina Devitt; Editing by Jan Harvey and David Evans)

© Copyright Thomson Reuters 2022. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about
Loading...

Talk in Marketing

Most Recent Poll

Will you have enough on-farm storage for harvest?

I just want to see the responses
48% (21 votes)
Yes
36% (16 votes)
Maybe, depending on yields
7% (3 votes)
No, I am looking at new bins or temporary storage
5% (2 votes)
No, it’s going to be a bin-buster
5% (2 votes)
Total votes: 44
Thank you for voting.