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Russia might export up to 40 mln tonnes of grain this agricultural year

August 19, 11:09 UTC+3
The agriculture ministry wants government to zero the wheat export duty before July 1, 2017
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MOSCOW, August 19. /TASS/. Russia might export up to 40 mln tonnes of grain in the current agricultural year, including 26-30 mln tonnes of wheat, Head of the Agriculture Ministry’s department for regulation of agricultural markets told journalists on Friday.

"This year grain exports will be bigger than in the past. We expect up to 40 mln tonnes," he said. "Wheat - 26-30 mln tonnes," Volik added, responding to a question.

The ministry wants government to zero the wheat export duty before July 1, 2017. It also plans to purchase up to 1 mln tonnes of grain for the intervention fund before the end of 2016.

"We sent our proposals to the government, we are discussing it. I can’t say right now whether it will happen or not (zeroing of the wheat export duty - TASS). It concerns not cancelation but zeroing of the duty until July 1, 2017," he said.

According to Volik, in the current conditions (the situation with the ruble rate and price of grain) the duty of wheat is on the minimal level and actually does not work. Nevertheless it creates the risk of uncertainty for exporters, he said.

So far the Agriculture Ministry does not plan to abolish the duty due to possible macroeconomic threats but it proposes to zero it until the end of the agricultural year and see how the market situation will develop, Volik said.

Russia’s 2016-2017 agricultural year lasts from July 1, 2016 until June 30, 2017.

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