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EU, Ukraine to increase wheat exports as Russian supplies to be reduced

January 13, 2015, 11:43 UTC+3 WASHINGTON WASHINGTON January, 13. /TASS
Russia’s supplies will be reduced as a result of the export duty imposed beginning February 1
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© EPA/ROBIN VAN LONKHUIJSEN

WASHINGTON, January 13. /TASS/. The US Department of Agriculture expects the European Union and Ukraine to increase wheat supplies to the world market to replace part of Russia’s exports that will be reduced because of a high export duty.

The USDA has lowered the forecast for Russia’s wheat exports by almost 10% from 22 million to 20 million tons in the marketing year (July 2014-June 2015) and increased the forecast for Ukraine and the EU by 3% to 30 million tons and by almost 7% to 11 million tons, respectively.

Russia’s supplies will be reduced as a result of the export duty imposed beginning February 1.

The EU and Ukraine are expected to increase exports as they are in a better position to take advantage of Russia’s decreased presence on the market, the department said.

The Russian government imposes the 15% export duty plus €7.5, but no less than €35 per ton, as a measure to prevent the domestic prices from rising sharply.

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