The Ministry of Agriculture of Russia proposes to extend the action of the existing zero export duties on wheat until June 30, 2019. The notice about development of the reporting draft decree was posted at the Federal portal of projects of regulatory legal acts of the Russian Federation.
According to the officials, the need to increase wheat exports from the country in 2018/19 MY is the main reason for making this proposal, due to rather high carry-over stocks of the grain.
The forecast of wheat ending stocks in 2017/18 MY totals nearly 18.5 mln tonnes (while as of July 1, 2017 — 15.4 mln tonnes). Thus, Russia urgently needs additional supplying of the grain on foreign markets, informed the explanatory note to the draft decree.