MOSCOW, Jan 16 (PRIME) -- The Russian Agriculture Ministry has recommended that grain exporters hold down sales in the second half of the season, in January–June 2019, business daily Kommersant reported on Wednesday, citing grain market sources.
“The recommendation is of an informal character and aims at containing grain sales in the season in line with a 42 million tonne forecast by Agriculture Ministry,” the paper says.
The ministry said on Monday that grain exports increased by 4.7% in the first half of the current agricultural year that started on July 1, 2018 to 28.8 million tonnes. The ministry forecast the sales at 28 million tonnes.
Wheat sales increased by 13.5% to 24.3 million tonnes.
The sources said that market participants have been worried over possible introduction of grain export restrictions since the start of the season. A meeting between the largest exporters and the ministry in August was seen as a signal of future introduction of grain exports duties or other restrictions.
The next meeting with the Agriculture Ministry is scheduled for February.
However, a source said that exports may avoid cutting sales because they can fall in the second half of the season totaling no more than 42 tonnes for the whole of the year.
Head of Rusagrotrans research centre Igor Pavensky said that January exports are much lower than expected – at 2.0-2.2 million tonnes compared with expected 2.5 million tonnes.
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