Russia stays the course on grain exports, pushing stock to critically low levels

moscow / reuters / Russia’s grain exports could reach 15.5 million tonnes in the current crop season, way above this year’s exportable surplus and bringing stocks down to critically low levels.

Such an aggressively high export number after this year’s disastrous harvest, hit by drought for the second year in three, shows Russia’s commitment to avoid export limits, even though it may force the country to import grain.

Even with imports to top up domestic supply, that could leave Russia with just six million tonnes in carry-over stocks as a cushion in case of a poor harvest in 2013. Last year carry-over stocks were 19.4 million tonnes.

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