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Russia Raises Grain Export Forecast as the Crop Rebounds

July 21 (Bloomberg) -- Russia raised its grain export forecast to 18 million metric tons in the marketing year that started July 1 as the crop rebounds after last year’s drought, Agriculture Minister Yelena Skrynnik said.

“We will regain our position in the global grain market,” Skrynnik said in Moscow today. The grain crop may come to between 85 million and 90 million tons, enough to meet domestic needs and allow for exports, she said.

Russia resumed exports this month after banning overseas sales last August amid the worst drought in at least 50 years. The ministry’s latest export forecast rose from 15 million to 17 million tons, according to a statement on June 30. Russia’s grain crop fell to 60.9 million tons in 2010.

To contact the reporter on this story: Marina Sysoyeva in Moscow at msysoyeva@bloomberg.net Maria Kolesnikova in London at mkolesnikova@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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