Russian Grain Exports Latest

Russia will export a record amount of grain this agricultural year, the president of the Russian Grain Union said on Tuesday.

"We expect that before July 1 we'll export over 20 million metric tons of grain and maybe even 21 million," Arkady Zlochevsky said, adding that this would be a record for Russian grain exports.

Russia's previous grain exports record was reached in the 2002-2003 agricultural year when the country exported 15.8 million metric tons of grain. Last year, Russia exported 13.6 million metric tons of grain. As of Tuesday, Russia had exported over 17 million metric tons.

Russia is the world's fourth largest grain exporter after the United States, the European Union and Canada.

"Our aim is to reach at least second place in the coming years," Zlochevsky said, adding that this season Russia had started supplying grain to Japan and was holding negotiations on grain exports to Brazil.

Zlochevsky wasn't quite so cocky when it came to the issue of Russian wheat being impounded by the Egyptian authorities as "unfit for human consumption" dismissing the whole thing as "an attempt to play with prices".

"We expect to export as much as 21 million tons of wheat this year, much of it unfit for human consumption," doesn't have quite the same impact methinks.