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Russian Grain Exporters Eye Growth Opportunities in India and China

© Sputnik / Ilya Naymushin / Go to the mediabankWheat
Wheat - Sputnik India, 1920, 11.06.2024
The move comes despite an expected dip in this year's harvest, which will see Russia supplying around 60 million tons of grain to the world market from its expected harvest of 132 million tons.
Russian grain exporters see opportunities to expand their shipments of pulses and cereals to India and China, while maintaining their focus on traditional markets in the Middle East and North Africa, according to the Agriculture Ministry on Tuesday.
India, the Middle East, North Africa and China will become the main export destinations of Russian grain, according to Agriculture Minister Oksana Lut.
"Domestic exporters will focus on the key markets of the Middle East and North Africa, as well as on developing relations with India and China, where there is progress in the supply of pulses and broad prospects for grain crops," Lut stated during the meeting with grain exporters on Monday.
She added that in the 2024-25 season, Russian authorities plan to reduce the supply to the world market to 60 million tons of grain.
Meanwhile, Lut clarified that recent decision of Turkiye (one of the significant purchasers) to suspend wheat imports from 21 June until at least 15 October to protect farmers from price fluctuations, ensure domestic raw material procurement and foster a favorable market environment for producers should not pose a challenge for Russia.

"Here we do not see any difficulties. For us, by and large, given that the harvest will be significantly lower than the last two years, it will not have any negative impact. We trade with a large number of countries, our wheat is needed in a large number of countries," she highlighted.

Russia's Agriculture Ministry maintains a forecast of 132 million tons for this year's harvest, though adjustments may be made if drought conditions persist. Amidst recent high harvests, the country has actively sought new markets for exports, with estimates of grain exports for the 2023-24 season reaching a record high of 70 million tons, including 53 million tons of wheat.
Alongside Turkiye, Bangladesh, Pakistan, and Algeria are also among the top importers, according to the Rusgrain Union.
Russia President Putin Putin meets his authorised representatives for the presidential election campaign in the Andreyevsky Hall of the Great Kremlin Palace, Russia, Wednesday, March 20, 2024. - Sputnik India, 1920, 19.05.2024
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