Russian Grain Exporters Call for Quotas Amid Excessive Shipments

Russia's grain exporters' union has called for a quota on exports after the first quarter's volume reached 17 million metric tons. This exceeds what is deemed reasonable, with the season's export potential set at 60 million tons. The union aims to retain more grain for domestic use and adjust future quotas.

Russia's grain exporters' union has urged the government to introduce a quota mechanism to curb excessive shipments. According to the union, the first quarter's export volume has already hit approximately 17 million metric tons, constituting a quarter of the season's total export potential.

The union claims that this volume surpasses reasonable parameters in light of the global market demand and the season's overall export potential, which is projected at 60 million tons. They argue that more grain needs to be preserved for domestic consumption.

The union, representing companies holding 80% of Russia's grain export market, pointed out that last season's record of 70 million tons was the result of large harvests and substantial carryover stocks. They stressed the need to temper the export enthusiasm of certain companies and entrepreneurs looking for higher quotas through low-price exports.

(With inputs from agencies.)