Russia does not intend to revise forecast for grain export potential before end of agricultural year on July 1, will remain at 14.8 million tonnes, agriculture minister says

Nevin Barich

MOSCOW , February 28, 2013 (Interfax Information Services) – The Russian Agriculture Ministry does not intend to revise its forecast for grain export potential before the end of the agricultural year, Agriculture Minister Nikolai Fyodorov said at a Thursday briefing after a government session.

"I confirm that in this agricultural year - that is, until July 1, 2013 - export potential and our forecasts for export potential will remain at 14.8 million tonnes," he said.

It would be premature to provide other numbers. "Today grain exports are almost stopping for a very simple reason: we are no longer competitive with our price on the global market," Fyodorov said.

The wheat price has fallen below $300 per tonne on the global market, whereas Russia is selling it for more than $300, he said.

"So there are no objective grounds to change our forecasts now with regards to export potential. In the next agricultural year it will depend on the harvest," Fyodorov said.

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