Russia’s grain exports could reach record high

According to the document the total grain harvest in the current agricultural year will probably amount to 100-102 million tonnes, which is 10.8% more than in the previous year. The increase in production is associated with an increase in yield due to favourable meteorological conditions in the major grain-producing regions of the country.

Taking into account the planned increase of production, as well as the general situation on the world market the prices of grain of the new harvest may drop to RUB 7,000-7,500 (US$173-185) per tonne in the second half of 2014, calculated by the ministry.

According to the forecast of the Ministry, within the coming three years, due to the growth of productivity of the Russian agriculture, grain production in the country could increase by 14-17% to 105-108 million tonnes per year, while exports will be about 31-33 million tonnes per year.

So far the record figure of grain export in Russia was 27 million tonnes which was reached in 2011/12.