>

Russia with potential to export 45 million tons of wheat

The Russian grain harvest is amounting to 117 million tons in 2016 and creates the potential to export 45 million tons, according to the Ministry of Agriculture of the Russian Federation. The 37-year record harvest this year exceeded the projects of the ministry and headed to the post-Solviet levels. During the oil market stagnation, Russia is trying to recover its agricultural industry and is succeeding – wheat exports can compete with European and American leaders.

The steady growth of Russian grain production might affect the grain prices worldwide. In 2015 grain harvest in Russia was 104.8 million tons, having been exported 33.9 million tons of grain. Record production was in 2008, when they were harvested 108.1 million tons of grain.

Russia has significantly boosted its grain exports over the past two years, outpacing the world’s biggest wheat exporters, Canada and the US. The country has resumed exports to Egypt, one of its biggest customers. Exports currently average 4-5 million tons a year and are expected to reach six million tons per year. Moscow and Cairo are also discussing Russian participation in the construction of grain infrastructure in Egypt. Russia has also renewed grain deliveries to Iran. The shipments are reported to be at least 1.3 million tons per year.

According to the officials from the Russian Federation, the grain harvest may reach 205 million tons in 2050.

more recommended stories