Russia's grain exports to reach 27 million tonnes in the 2011/2012 marketing year, won't implement a grain export duty in April, minister says
February 6, 2012
– Russia won't be implementing a grain export duty in April, according to First Deputy Prime Minister Viktor Zubkov, Bloomberg reported Feb. 3.
The country's grain crop will reach 93.9 million tonnes, with 27 million tonnes for export in the 2011/2012 marketing year, and the government doesn't see the need to enforce any grain export restriction, the minister said.
Exporters will beneift from the announcement because they were previously worried about signing contracts for April deliveries, according to Andrei Sizov Jr., managing director at research company SovEcon.
The country will most likely go all season without a duty as snow cover in the southern regions indicates that there are no "serious" losses anticipated for the winter crops, Sizov said.
The primary source of this article is Bloomberg, New York, New York, on Feb. 3, 2012.