As overseas sales surge despite a smaller crop, Russia’s government has moved to further tighten its control on grain exports by announcing a new trade body is to be set up to coordinate information sharing between the state and private sellers.
The announcement comes following a meeting between the ministry and exporters on Monday.
“We need to understand the general trends, the general demands of the market, which is why it is necessary to form a strong association that will represent the interests of the main exporters… (It) will be created closer to April of this year,” Agriculture Minister Dmitry Patrushev said.
This is the latest step in a major shakeup for the Russian grain export industry this year, with the state taking a more assertive role in managing the industry after overseas sales surged despite a smaller crop.
Fearing a threat to domestic bread prices and wider inflation, authorities stepped up port inspections and started to meet regularly with exporters to keep tabs on the pace of sales.
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