Gross sales of Russian grain surge regardless of strict export limits as a consequence of pandemic disaster

The world’s primary grain exporter, Russia, has boosted year-on-year gross sales of its wheat overseas by as a lot as 20 %, in keeping with the most recent report by the nation’s agricultural watchdog.

In 2020, exports of grain reportedly surged to 57.5 million tons as of December 27. The company, managed by the Russian ministry of agriculture, mentioned that wheat exports of 38.three million tons topped the checklist of general grain gross sales overseas.

Exports of barley and corn amounted to six.1 million tons and three.7 million tons respectively. Gross sales of oil meals totaled 2.2 million tons, whereas sunflower seeds – 1.four million tons.

Russian grains have been exported to 138 international locations with Turkey, Egypt, Iran, Saudi Arabia, China, Bangladesh, Kazakhstan among the many main consumers.

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Earlier this 12 months, Russia launched export limits for sure grains, together with wheat, rye, barley, and corn for the rest of the advertising 12 months, which ended June 30.

The step was aimed to guard home provide and forestall worth hikes amid the financial upheaval from the Covid-19 pandemic and a plunge in oil costs. Russian agricultural consultancy SovEcon lowered its estimate for Russia’s 2020-21 wheat exports from 40.eight million tons to 36.three million, citing an upcoming grain export quota and wheat export tax that can come into impact from February 15.

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