July 14 (Bloomberg) -- Russia’s grain harvest may be 90 million metric tons in 2011 with exports this month at 1.5 million tons, First Deputy Prime Minister Viktor Zubkov said.
Wheat prices in Chicago, a global benchmark, have dropped 13 percent since Russia announced on May 28 the end of the export ban. As of yesterday, Russia harvested 7.5 million tons of grains and exported 770,000 tons, Zubkov said in Moscow.
“This year will be more favorable for us in the grain sector,” Zubkov said in Moscow.
Last month, Prime Minister Vladimir Putin forecast the grain crop at 85 million tons. Zubkov estimated in May that grain exports would be 15 million tons. That equals about 1.25 million tons a month over 12 months.
Last year, Russia harvested 60.9 million tons of grain and exported 4 million tons before the ban was imposed because of the worst drought in 50 years.
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