Grain Exports From Russia Jump 57% Amid Falling Domestic Prices

Grain exports from Russia, this season’s fifth-biggest wheat shipper, jumped 57 percent this month from March as domestic prices fell, according to the Agriculture Ministry.

Deliveries increased to 322,000 metric tons in April’s first 17 days from 205,000 tons in the first 20 days of March, figures published today on the ministry’s website showed.

The government has sold almost 3 million tons of cereals from stockpiles since October in an effort to reduce prices, which climbed to records after a drought reduced last year’s crop to 70.9 million tons. Average milling-wheat prices have been falling since the second week of February and reached 9,575 rubles ($303) a ton last week, according to figures from researcher SovEcon.

“Exports increased in April because prices in southern Russia fell and became competitive for supplies to such countries as Tunisia,” Vladimir Petrichenko, director of Moscow-based consultancy OOO ProZerno, said by phone today.

Before it's here, it's on the Bloomberg Terminal.