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Russia sets record on grain exports

Russia sets record on grain exports
Russia exported a record 18.5 million tonnes of wheat between July 1, 2011, and April 15, 2012.

The previous record was set during the 2009-2010 agricultural years as Russia exported 18.275 million tones of wheat, according to Russian Institute for Agricultural Market Studies.

Also Russia is expected to send 20.5 million tonnes of wheat abroad by June 30, 2012, when the agricultural year ends, according to Insitute estimates. Turkey as well as the countries in the  Middle East and Northern Africa are considered the major importers of Russian wheat.

"Despite the fact that demand for Russian wheat on the global market has slightly fallen, we are keeping this forecast," said Dmitry Rylko, the head of the Institute.

Overall grain exports are expected to surge this year reaching 25 million tonnes. Earlier the Russian Government increased the grain export forecast from 25 to 27 mln tonnes.

Also grain exports is expected to benefit as Black Sea grain futures would be launched on the derivatives and futures exchanges in Chicago and New York. The new benchmark instrument will start trading in the coming months and will be applied to the harvest of 2012.

If Russia sends abroad 25mln tonnes of grain, it will set a Russian record. The last time Russia’s grain exports broke a record was in 2008 when 23.6mln tonnes were exported. Now Russia is the second largest grain exporter in the world, following the US.