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Russia's July grain exports second highest in history

Russia's July grain exports second highest in history
Russia exported 2.4mn tonnes of grain in July 2013, just short of the 2.6mn tonnes the country exported in 2011 the month after the grain export ban was lifted.

The Russian Agriculture Ministry says it shows a 16 percent production increase from the previous year.

Such an increase came as a result of earlier harvesting in the Krasnodar region, which kicked off about 10 days ahead of schedule, as Rudolf Bulavin, director for research and information department at the Russian Grain Union, explained to Business RT.

The other factor is the price dynamics, Bulavin added. “As domestic grain prices started to fall – to about $100 per tonne - Russia’s producers switched to foreign markets.”

On top of that, companies in the country are prepared by concluding collateral contracts, Vadim Vikulov, general director at Aston, Russia’s leading exporter of agricultural goods, told Vedomosti.

Egypt and Turkey were  Russia’s two major  customers.

Vladimir Petrichenko, general director at ProZerno, Russia’s analytical service, expects grain exports to grow further in August.