Russia forecasts grain exports at 20 million tonnes for agricultural year ending in June, including 14.3 million tonnes of wheat

MOSCOW , December 2, 2013 () – The Russian Agriculture Ministry has forecast grain exports in the agricultural year ending June 2014 at 20 million tonnes, the ministry said.

Earlier the ministry forecast exports at 18 million to 20 million tonnes.

The ministry says Russia will export 14.3 million tonnes of wheat, 2.4 million tonnes of barley and 2.8 million tonnes of corn.

Russia exported 15.7 million tonnes of grain in the last agricultural year.

Citing Federal Customs Service figures, the ministry said grain exports totaled 13.12 million tonnes, compared to 11.38 million tonnes in the same period of the previous year.

The situation on the international grain market and increased production in Russia this year is due to an average 25%-30% drop in prices on the market in the European part of the country.

However, a high rate of exports and high demand from export-oriented companies and domestic consumers support an upward trend for prices. Food grain prices went up 16% on the market from early August to November 25 and fodder grain went up around 4%.

Prices are going up at a rate of 0.5% - 1.5% per week now, which does not require regulation steps, the ministry said.

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