Russian agriculture ministry adjusts grain export forecast to 37 mln tonnes

24.01.2017

Russia’s agriculture ministry has adjusted its grain export forecasts for the current agricultural year (from July 1, 2016 to June 30, 2017) to set it at 35-37 million tonnes, Russian Minister of Agriculture Alexander Tkachev said on Sunday.

Russia’s agriculture ministry has adjusted its grain export forecasts for the current agricultural year (from July 1, 2016 to June 30, 2017) to set it at 35-37 million tonnes, Russian Minister of Agriculture Alexander Tkachev said on Sunday.

The ministry’s earlier forecast has a figure of 35 million tonnes.

"The forecast for grain export in 2016/2017 is 35-37 million tonnes. Exports will depend on prices on key crops on the global market, the Russian ruble exchange rate to the U.S. dollar, and on dynamics of the growth of logistics expenses during transportation by motor and railroad transport in 2017," Tkachev said on the sidelines of a meeting of the G20 agriculture ministers in Berlin.

According to the Russian minister, the country’s export potential is about 40 million tonnes. "This is what we can sell on the global market not harming domestic supply and preserving a necessary volume of carryover reserves," he said.

Since the beginning of the current agricultural season, Russia has exported 21.28 million tonnes of grain (as of January 18), or by 0.3 percent less than in the same period last season (21.344 million tonnes). "However wheat exports have increased by 4.8 percent on the same period of the 2015/2016 season to reach 16.734 million tonnes," the Russian minister said.

According to preliminary data, Russia had a record-breaking harvest of grain in 2016 - 119.1 million tonnes, or by 14 percent up on 2015 (104.8 million tonnes), Tkachev told TASS.

"Exact data will be available in March," he added.

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