This decision comes against the backdrop of a record harvest, which in the current agricultural season amounted to 137 million tons. According to the Ministry of Agriculture, the export potential reaches about 50 million tons; however, the domestic market is unable to absorb the entire volume of produced grain.
According to the quota mechanism, free grain exports will be allowed until February 14, after which exports will be carried out within the quota with the payment of a floating duty. Authorities plan to encourage exporters to make the most of the allocated volumes, including through changes in the rules for distributing quotas.
Nevertheless, market participants emphasize that at the current exchange rate of the ruble, grain exports are becoming economically unprofitable. Experts believe that an increase in supplies abroad is only possible if the ruble weakens; otherwise, part of the quota may remain unclaimed.
