Russian grain exports grew by 40% in May
Export of Russian grain in May increased by 40% compared to the same period in 2019, Interfax reports citing the head of the analytical department of the Russian Grain Union (RZS) Elena Tyurina.
During the validity of the export quota introduced on April 1, 6.26 million tons of grain were exported from the Russian Federation. Earlier it was reported that export restrictions are valid from April 1 to June 30 and amount to 7 million tons. The quota does not apply to EAEU countries.
According to Tyurina, taking into account the current quota, grain exports following the results of the ending agricultural year (July 2019 - June 2020) will amount to 40.5 million tons. The expert noted a decrease in volumes. The main reason for this is increased competition from the countries of the European Union and Ukraine, as well as the low competitiveness of Russian grain within the Black Sea basin, explained Elena Tyurina.
- Under the pressure of competition from the Black Sea countries, the prices of export contracts for wheat with a protein content of 12.5% in late May fell to $ 218 per ton, which is 3% less than at the beginning of the month, the expert said.