Russia looks for new export markets as grain production rises


While Russia harvested 119 million tonnes of grain, a sharp increase from the year before, it is also seeing a decrease in exports. Last December exports dropped by 21% because of the rouble’s appreciation and weather disruptions. Bangladesh and South Korea slashed imports of wheat and corn respectively from Russia.

The country is now intensifying its search for new export markets. Agricultural consulting agency SovEcon said Russia needs to find new markets and accelerate its suppliers abroad otherwise excessive stocks may significantly cut grain prices. To avoid carrying large stocks into the spring, Russia needs to sell 2.8 million tonnes of grain monthly until June 2017.


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