Russia cuts wheat export quota for second half of 2024/25 to 10.6 mln tons
Russia has set its wheat export quota for the second half of the 2024/25 season at 10.6 million metric tons, a reduction from the previously announced 11 million tons. This cut is part of measures to improve domestic supply and control inflation, currently at 9.2%. The export quota follows a poor harvest and high export pace in recent months.
MOSCOW, Dec 20 (Reuters) -Russia has set its wheat export quota for the second half of the 2024/25 exporting season at 10.6 million metric tons, the government said on Friday.
The figure represents a decrease on the Russian quota of 11 million metric tons announced late last month by the Eurasian Economic Union, a trade association of Russia and other four ex-Soviet countries.
Russia, the world’s largest wheat exporter, has now cut the export quota by 62% from 29 million tons last season as part of measures to improve domestic supply and fight inflation, currently running at 9.2%.
“The decision was made taking into account the projected balance of production and consumption of grain crops in the domestic market,” the government said in a statement.
Analysts had anticipated the quota cut in light of the high pace of exports in recent months and a worse-than-expected harvest due to bad weather in most Russian wheat-producing regions.
Russia allows grain exports quota-free from July to January, the first half of the export season, and then implements quotas among about 260 domestic traders authorized to sell grain internationally from Feb. 15 to June 30
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Source : XM
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