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Russia to set temporary export wheat, rye duties until May 1
Prime-Tass, December 9, 2003
MOSCOW, Dec 9 (Prime-Tass) -- The Russian government's commission for protective measures in foreign trade has decided to impose temporary export duties for wheat and rye at 25 euros per tonne, Deputy Prime Minister and Finance Minister Alexei Kudrin said after the commission's meeting Tuesday.
The duties will take effect one month after the official publication of the bill, which is still to be endorsed by Prime Minister Mikhail Kasyanov, and will expire on May 1, 2004. The duties are aimed at securing sufficient grain stocks for the domestic market, and preventing price hikes for grain and bread.

Kudrin said bread prices increased 24% during January-November compared with an average 4% annual increase in previous years.

He added that the commission might scrap the duty earlier if domestic grain and bread prices stabilize.

Kudrin said the government expects Russian grain export to hit 4-6 million tonnes in January-June of next year, unless the duty is imposed. This would reduce domestic grain stocks to "a critically low level."

Deputy Prime Minister and Agriculture Minister Alexei Gordeyev previously said the government would impose high export duties, if exports exceed 5 million tonnes during the 2003-04 marketing year (July-June). Russia's grain exports during July-November are already estimated at over 5 million tonnes.

Russia's grain harvest this year is estimated at 68-70 million tonnes in clean weight, down from 86.6 million tonnes last year. The drop is due to bad weather conditions, which resulted in severe damage to winter grains.

Domestic analysts have forecast Russia's grain exports at around 6 million tonnes in 2003-04, down from 17 million tonnes in 2002-03.
MGR Archive 12.12.2003
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Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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