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Russia may increase its grain export quota

Russia may increase the size of its grain export quota planned for Feb. 15-June 30 to 17.5 million tonnes from 15 million tonnes, the agriculture ministry said.

Russia, one of the world’s largest wheat exporters, is preparing to impose the quota to stabilise its domestic market after recent price rises despite a large crop harvested this year.

The agriculture ministry drafted a resolution containing the proposal. It is due to be reviewed by the trade ministry and other officials, the ministry said in a statement.

The quota, if formally approved by the government, would be distributed among exporters based on their share of July-December grain exports.

Some livestock and other domestic consumers are calling for an export tariff on Russian wheat to push down domestic prices.

In the latest development, the Russian union of grain exporters asked the government not to introduce an export tariff, saying the export quota would be enough to ensure the country’s food security, it said on social media on Monday.

The idea of imposing an export tariff has not found much support in the agriculture ministry either. It has said that the export tariff could affect farmers, though it is yet to formally review it.
Source: Reuters (Reporting by Polina Devitt; writing by Tom Balmforth and Polina Devitt; editing by Kirsten Donovan and Susan Fenton)

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