The Ministry of Agriculture has completed the distribution of the first part of the additional quota for grain exports of Russia

Maize (Corn)

Published Mar 27, 2024

Tridge summary

The Russian Ministry of Agriculture has distributed the final portion of a 2.4 million ton additional grain export quota among five companies, as part of its annual quota adjustment. This adjustment is for the export of key grains like wheat, rye, corn, and barley, with the total quota for the year set at 24 million tons, potentially increasing to 28 million. Introduced in 2020, these quotas are split into main and additional allocations, with the latter allowing exporters to claim extra based on their historical export volumes. Additionally, to stabilize domestic markets, the export duty on corn will be eliminated starting March 27, and exports of durum wheat are prohibited until May 31.

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Original content

The Russian Ministry of Agriculture has distributed the remaining 110 thousand tons of the 2.4 million tons of additional quota for the export of main grain crops. We are talking about wheat, rye, meslin (a mixture of them), as well as corn and barley. New shares were provided to five exporting companies: Volgazernotorg LLC and Panomariks from the capital, Gal Group LLC from St. Petersburg, Top Grain L.T.D. from the Rostov region and Shams LLC from the Astrakhan region. The ministry also said that the second part will be formed in April, taking into account voluntary refusals from the previously distributed batches of the main part. The department will accept applications to waive the entire quota or part of it from April 1 to April 20. From March 27, the export duty on corn will be zeroed in Russia Let us recall that in 2020 Russia introduced export quotas for major grain crops. The restrictions were introduced from April to June and amounted to seven million tons. Then they were ...

Source: Rosng