The Russian Ministry of Agriculture proposed increasing the quota for grain exports in 2024 by 4 million tons, to 28 million tons, follows from a draft government resolution published on regulation.gov.ru.
According to the project, the Ministry of Agriculture proposes to introduce, by June 30, 2024, a separate quota for the export of wheat and meslin, rye, barley and corn to 4 million tons outside the Eurasian Economic Union. It is assumed that this volume will be distributed among participants in foreign trade activities that have already established volumes of grain allowed for export within the framework of the main quota for the period from February 15 to June 30.
December 27, 2023 government approved quota for the export of Russian grain for 2024 in the amount of 24 million tons. In 2023, the quota was at the level of 25.5 million tons. From December 1 last year, the authorities banned export of durum wheat to stabilize prices. The ban will be in effect until May 31, 2024.
In January, the US House of Representatives passed a bill aimed at reducing dependence on Russian agricultural products. The Federal State Budgetary Institution Agroexport, subordinate to the Ministry of Agriculture, has begun assessing the impact of the initiative and is collecting the positions of market participants, creating a basis for international disputes. Some experts expect an increase in discounts on Russian grain and oil.
Read more in the Kommersant article. "Product pressure".