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Markets

Russia aims to regulate domestic grain prices

MOSCOW: Russia's Agriculture Ministry plans to regulate domestic grain prices as it seeks to maintain stability on t

18 Jan 2019

MOSCOW: Russia's Agriculture Ministry plans to regulate domestic grain prices as it seeks to maintain stability on the local market, Interfax news agency reported on Friday citing the minister, Dmitry Patrushev.

Patrushev did not say when the ministry would start regulating the prices or how it will do it.

Russia, the world's largest wheat exporter, has been closely monitoring activity of the main exporters for the 2018/19 marketing season which started on July 1 due to a lower 2018 crop, causing market speculation that it could limit exports later in the season.

Russia harvested a grain crop of almost 113 million tonnes in 2019, and taking into account the domestic consumption and carry-over stocks, "I think that we can allow about 42 million tonnes of exports," Patrushev told reporters on the sidelines of an agriculture conference in Berlin, according to Interfax.

The number matches the ministry's previous forecast for Russia's 2018/19 grain exports.

"That said, we will focus on improving the quality of our grain in future years and - most importantly - we will regulate prices in the domestic market," Patrushev was quoted as saying by Interfax.

He gave no further details but said that he did not expect domestic grain prices to rise in the mid-term.

Copyright Reuters, 2019