How grain exports from Russia will change: details on quotas for 2024

The Russian Ministry of Agriculture announced the distribution of the bulk of export quotas for grain, including wheat, corn and barley, starting February 15 this year. In contrast to last year, when quotas were granted to 203 companies, this year the number has increased to 261. The quota for 2024 is set at 24 million tons, down from 25.5 million tons the previous year. The quota will be valid until June 30, 2024 and will not apply to shipments to Eurasian Economic Union (EAEU) countries.

The introduction of quota division into main (90%) and additional (10%) parts will be a novelty in 2024. This approach allows exporters to voluntarily renounce part of the quota, which will allow redistributing the vacated volumes among other holders of the main quota. Acceptance of applications for waiver will be held from April 1 to April 20. In addition, it is specified that the export of durum wheat will be prohibited until the end of May 2024.

The grain export quota, introduced in February 2021 as an instrument of state regulation, was initially set at 17.5 million tons. Subsequently, the grain export regulation was detailed with various restrictions for certain types of grains, thus ensuring balance in the domestic market and stability of export operations.