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19 Oct, 2022 06:32

Record grain harvest predicted for Russia

This year’s crop is set to exceed 140 million tons, a major agriculture body says
Record grain harvest predicted for Russia

Russia is expected to reap its largest grain harvest ever in 2022, according to the country’s grain union. The forecast echoes President Vladimir Putin’s projection last month.

“We will have a historical record for the harvest – it is by no means less than 140-odd million tons,” the head of the Russian Grain Union (RGU), Arkady Zlochevsky, told reporters on Monday.

According to the Ministry of Agriculture’s forecast, the grain harvest could amount to 150 million tons, including about 100 million tons of wheat. The biggest grain harvest ever, 135.4 million tons, was recorded in Russia in 2017.

Zlochevsky pointed out that domestic prices have fallen sharply and are now at the cost price level. “For this reason, the farmers are not ready to sell and transport grain to warehouses, elevators, store it in barns, waiting for better times,” he said, adding: “This is due to a whole range of factors related to the liquidity of grain, with reduced demand.”

In late September, Putin predicted a record grain harvest for this year. He cited preliminary data from experts, saying, “we are completely guaranteed to cover our own needs for the most important items and receive an additional resource for increasing exports.”

Russia has become the world’s biggest exporter of grain in recent years thanks to bumper harvests and attractive pricing. Since the early 2000s, its share of the global wheat market has quadrupled. The country is projected to retain its leadership in the world’s wheat market in the coming years.

For more stories on economy & finance visit RT's business section

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