Russia: Russian grain exports continue to grow despite recent implementation of export quota

According to monitoring data from the Russian Grain Union, grain exports from Russia continue to grow despite the recent implementation of an export quota, which came into effect on February 15, Interfax reports.

As Elena Tyurina, director of the RGU analytical department, noted, in the period from February 15 to 25, shipments of the main types of Russian grains increased by 23.5% y-o-y and amounted to 1.87 mln tonnes.

“Including wheat – by 17.3%, to 1.478 mln tonnes, barley – almost 2.2 times, to 192 thousand tonnes. Corn shipments, which had been declining until the middle of this month, increased by 20.7% after February 15 and amounted to 200 thousand tonnes,” the expert said.

In total, in the first half of February, 2.097 mln tonnes of wheat were shipped for export (+30%), and 2.5 mln tonnes of other main grain crops (+22.5%). According to E. Tyurina, before the start of the quota (from July 1, 2023), 42.7 mln tonnes of main types of grain were exported, including 35.35 mln tonnes of wheat, 4.2 mln tonnes of barley and 3.16 mln tonnes of corn.

“The pace of exports became the basis for increasing its forecast for the current season to 67 mln tonnes, of which 55 mln tonnes will be wheat. This volume will allow us to fully use the quota,” she said.

27 February, 2024