MOSCOW, RUSSIA — Russia could reduce its wheat export quota slightly from the previously planned 9 million tonnes, Reuters reported, citing sources familiar with the discussions.
Russia has said it would set grain and wheat export quotas for Feb. 15 to June 30 in an attempt to secure domestic supplies.
Reuters said Russia’s agriculture ministry did not immediately reply to a request for comment on the possibility of reducing the quota.
One source told the news agency that the quota could be set at 8 million tonnes of wheat. A draft proposal is expected to be submitted this week.
So far, Russian wheat exports are down 37.5% since the start of the marketing year on July 1. This is due to a smaller crop and the export tax that increased to $91 a tonne.
Still, the government is concerned about securing enough grain for domestic consumption and the impact shortages could have on inflation that is already at a six-year high.
