Fixed ruble and export controls slow down grain exports

Russian grain exports slowed recently due to stricter quality controls in Russia's ports due to complaints from major customers about declining qualities and the ruble's increased exchange rate.
In mid-September, Russia's Food Safety Authority increased quality controls on export cereals following complaints from major customers. It was stressed that stringent controls were not aimed at export restrictions.
"Exports are naturally weaker due to the rise in the ruble exchange rate," said Arkady Zlochevsky, CEO of the Russian Grain Union. "The stricter controls, which are interpreted as informal and unofficial export restrictions, reinforce development."
The ruble is currently trading at the highest level in six weeks. This makes Russian grain more expensive to export because it is traded in US dollars. Prices on the Black Sea for Russian export wheat rose $ 5 to $ 220 / tonne in the past two weeks.
Dmitry Rylko of the agricultural consultancy IKAR also sees stricter controls as a measure to hinder exports.
Several traders confirm that the checks on the Black Sea and the Sea of ​​Azov cause a higher time of three to five days.
Delays were also noted by some operators in the transport by rail.
Russian grain exports are 23% higher in the current marketing year than at the same time last year. In early September, they were still 40% higher. Grain exports may continue to slow in the coming weeks as harvests decline, stocks at Russia's major seaports begin to decline, competition between high-quality grain exporters increases and the storm season approaches, analysts said

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