Russia's grain exports down 20.8% year-over-year to estimated 12.382 million tonnes since beginning of agricultural year that started July 1, government data shows; slowdown of grain prices on global markets cited as one key reason

MOSCOW , January 7, 2013 () – Russia's grain export has decreased by 20.8 percent since the beginning of the agricultural year (from July 1 through to December 12, 2012), as compared to the preceding period, and was estimated at 12.382 million tonnes, the Russian Agriculture Ministry reported, quoting data of the Federal Customs Service.

The Agriculture Ministry pointed to the slowdown of grain prices on the global markets, which was caused by forecasts on the hike of carry-over grain reserves and fluctuations on other commodity markets. As of December 13, 2012, average export prices of soft wheat amounted to 323 U.S. dollars per tonne on the United States' markets. Over the week, the prices dropped by 18 U.S. dollars per tonne, of 5.3 percent, the Agriculture Ministry said.

In the mean time, the prices of food and feed grain on the Russian market continued growing in the period under review, which was caused by an active demand on behalf of the domestic consumers. The total amount of grain from the intervention fund sold in the process of stock trading sessions in the period from October 23 (the beginning of tradings) through to December 12 amounted to 948,800 tonnes total worth 7.6658 billion roubles (USD 1 = RUB 30.37). As of December 14, 2012, the total amount of grain, which was actually delivered from the intervention fund to buyers, was estimated at 702,700 tonnes total worth 5.665 billion roubles, the ministry said, predicting a certain slowdown of grain price growth on the grain market in the near future.


(c) 2013 Itar-Tass. All Rights Reserved.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.