Russia on course to keep global grain supplies high despite export cap — RT Business News

Exports of Russian wheat and meslin flour greater than doubled in January-February compared with the identical interval of 2020, amounting to 7.59 million tons, in accordance to the Federal State Statistics Service.

In financial phrases, wheat supplies overseas greater than doubled to $1.884 billion. Exports of vegetable oil rose by 3.1% in annual phrases and amounted to 589.2 thousand tons. They had been price greater than $630 million.

Statistics additionally present that export of cereals by Russia in 2019 amounted to 39.four million tons (together with 31.9 million tons of wheat and meslin). Grain shipments within the 2019-2020 agricultural yr (from July 1, 2019 to June 30, 2020) stood at 41.7 million tons. The nation additionally provided 33.2 million tons of wheat to the global market. The Ministry of Agriculture initiatives that within the 2020-2021 agricultural yr grain exports will quantity to 45 million tons.

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Last April, Russia capped grain shipments till July, to keep away from home value spikes amid the global coronavirus disaster. Moscow launched export limits for sure grains, together with wheat, rye, barley, and corn, capping supplies at seven million tons.

Booming agricultural manufacturing in recent times has enabled Russia to seize greater than half of the global wheat market, changing into the world’s largest exporter of grain, thanks to bumper harvests and engaging pricing. Since the early 2000s, this share of the global wheat market has quadrupled.

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