News

Russia may increase grain export quota

Grains, Cereal & Legumes
Russia
Regulation & Compliances
Market & Price Trends
Published Feb 27, 2024

Tridge summary

The Russian Ministry of Agriculture is proposing to increase the tariff quota for grain exports by four million tons, bringing the total to 28 million tons for the year. The move is aimed at preventing a decrease in grain exports and is supported by some market participants who believe it will help regulate the domestic grain market and prevent overstocking. However, there are concerns about the demand for these additional volumes abroad. The quota, which applies to basic crops like wheat, rye, meslin, corn, and barley, is implemented annually from February 15 to June 30 and is gradually increased.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The Russian Ministry of Agriculture has proposed increasing the tariff quota for grain exports this year by four million tons or up to 28 million. Kommersant writes about this with reference to the corresponding draft government resolution. According to the authorities' plans, this measure will prevent a reduction in grain exports. Agricultural market participants from Kuban supported this decision. For example, the chairman of the People's Farmer of Kuban association, Konstantin Yurov, believes that it will allow regulating a sufficient amount of grain on the domestic market. In his opinion, otherwise the country will experience overstocking, which will threaten producers with ruin. This remark is especially relevant due to the lack of modern elevators. He recalled that Russia produces at least 145-155 million tons annually, while domestic consumption is only about 80-85. The head of the Steppe agricultural holding, Andrei Neduzhko, believes that increasing the permissible export ...
Source: Rosng
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