UPDATE: Ministry sees grain exports at 48 mln tns in 2020–2021 ag year

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ROSTOV-ON-DON, May 21 (PRIME) -- The Agriculture Ministry expects Russia’s grain exports to amount to around 48 million tonnes in the 2020–2021 agricultural year, lasting from July 1, 2020 through June 30, 2021, to remain the world’s largest grain exporter, Deputy Minister Oksana Lut told reporters on Friday.

“Our exports forecast for the current season is around 48 million (tonnes of grain)… And the possible forecast for the new season, basing on the harvest forecast of 127 million tonnes and the carried forward balance, we see at 51 million tonnes,” she said.

Russian companies will not use the entire quota for grain exports set at 17.5 million tonnes until June 30, Lut also said.

She added that Russia will introduce grain export quotas for the second half of each agricultural year, from January through June.

“We plan (grain export quotas) to become a permanent mechanism so that all the market participants could plan their operations in the second half of each season,” she said.

Lut also said that the ministry will again suggest creating a stabilization fund with 3 million tonnes of grain.

“This year the government supported other measures including subsidies to flour millers and bread bakers, we have chosen subsidies. But we will once again suggest creating around 3 million tonnes of reserves in the intervention fund,” she said.

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