IKAR in Mass Media

Russian Agriculture Ministry calls grain exporters to Oct. 11 meeting, sources say

10 октября 2024 года

MOSCOW, Oct 10 (Reuters) - Russia's Agriculture Ministry has called the country's major grain exporters to a meeting on Oct. 11, three sources close to the matter said, days after the grain exporters' union accused exporters of shipping too much at low prices.

The ministry earlier said it will announce its revised estimate for the 2024 grain harvest today. The estimate will determine how much grain the world's top wheat exporter can export in the 2024/25 season.

Russia's influential grain exporters' union said on Oct. 2 the country's export volumes from the first quarter of the 2024-2025 season "exceeded reasonable parameters based on the export potential".

The union accused unspecified exporters of exporting excessive volumes at low prices and said it will ask the agriculture ministry to review the quota distribution mechanism for the second half of the season.

Russia has officially forecast this year's grain harvest at 132 million metric tons, an 11% drop from 148 million tons in 2023 and a 16% drop from a record 158 million tons in 2022.

However, after bad weather, ranging from early spring frosts to drought and rain, hit many grain-producing regions, the forecast is set for a downward revision. The IKAR consultancy sees this year's grain harvest at 124.5 million tons.

Concerns over Russia's smaller-than-expected grain harvest supported international prices in recent months. Russia domestic grain consumption is estimated at 85-87 million tons.

Source: Reuters | #grain | Comments: 0 Views: 10

There are no comments yet. Be the first!

Only authorized users can comment.