E-Malt.com News article: Ukraine: Agriculture ministry, grain traders to meet next week regarding exports and local markets

Ukraine's agriculture ministry will meet major traders next week regarding exports and local markets after Russia's decision to curb its grain exports, traders and government sources said on January 8.

"The meeting is scheduled for January 13. We want to know their (the traders') plans," a government official, who declined to be identified, told Reuters.

Russia has introduced grain exports duties of at least 35 euros per tonne set to start from Feb. 1 to stabilise domestic prices.

In December, Moscow imposed informal export controls in a bid to cool down domestic prices.

Russia, expected to be the fourth-largest exporter this year, had been exporting record volumes from a large grain crop of 105 million tonnes as the rouble currency's plunging value spurred a dash for foreign exchange.

Ukraine, another top Black Sea grain exporter, said last month it had no plan to follow Russia's example and expected to sell its grain at a higher price as a result of the Russian move to curb sales.

The official said the government still had no plans to limit sales but traders said the agriculture ministry was likely to prepare a memorandum with traders for the 2014/15 season, as it has done in previous seasons. These allow for the possibility of export restrictions if exports exceed defined volumes.

The source said that only wheat might be a subject of concern as Ukraine has already exported about 80 percent of its exportable wheat surplus for this season.

According to traders, Ukraine exported 8.5 million tonnes of wheat as of early January from 10.5 million tonnes available for export this season.


09 January, 2015