Russia cuts wheat export quota for second half of 2024/25 to 10.6 mln tons
Adds new details, background in paragraphs 2-6
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.
Writing by Gleb Bryanki; Editing by Mark Trevelyan
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
