Russian grain exports continue to grow despite quotas: 1.87 million tons were shipped in 10 days, with corn increasing by 20.7%

The data from the Russian Grain Union report indicates that grain exports from Russia continue to grow despite the introduction of export quotas. From February 15 to 25, shipments of main types of grain increased by 23.5% compared to the previous year, reaching 1.87 million tons. Corn, which had been declining earlier, regained its positions and grew by 20.7%, reaching 200 thousand tons. Impressive results were achieved before the quota took effect: 42.7 million tons of grain crops were shipped for export, including 35.35 million tons of wheat, 4.2 million tons of barley, and 3.16 million tons of corn. The export forecast for the current agricultural year has been raised to 67 million tons, including 55 million tons of wheat, which will fully utilize the export quota. During the quota period (from February 15 to June 30, 2024), an export of 24.3 million tons of grain is expected, with 19.7 million tons accounted for by wheat. This corresponds to average monthly shipments of 5.4 million tons of all types of grain, including 4.4 million tons of wheat. Despite the significance of these figures, there were periods in the previous season when exports reached 7 million tons of grain per month, including 6.5 million tons of wheat. Egypt is the largest consumer of Russian grain, but its purchases have decreased by 53% compared to the previous year. Turkey has also reduced its imports by 58%. In the meantime, Oman and Kenya, which were not active buyers of Russian grain before, purchased 66 thousand and 60 thousand tons respectively. Corn was supplied to Iran, Vietnam, and Libya. The quantitative results of grain exports suggest that the number of companies involved in wheat shipments has decreased to 11, and the number of ports used for shipments has dropped to 15. Shipments through the ports of Novorossiysk, Azov, and Tamani have significantly increased, while transshipment through the port of Rostov-on-Don has decreased. Grain prices continue to decline, putting pressure on the profitability of exports.