Kazakhstan has cut its grain export target for the 2017/2018 marketing season to 8mn tonnes of grain from the previously expected 9mn tonnes, Deputy Agriculture Minister Nurzhan Altayev told Reuters on December 15. The figure is below the 8.3mn tonnes exported in the 2016/2017 marketing year.
Russia’s record grain crop of 139.8mn tonnes is squeezing out Kazakh grain from Kazakhstan’s export markets, according to Altayev.
“Russia has an all-time high crop and they are essentially entering all the markets where we used to sell,” Altayev said. “Our grain usually went to Central Asian and Caspian markets, and they (Russia) are trying to do the same. Therefore, the competition is very serious.”
So far in the current marketing season Kazakhstan has exported 3.9mn tonnes of grain, up from 3.6mn tonnes in the same period of last season.
As far as full-year forecasts go, Altayev previously said Kazakhstan would export about 9.1mn tonnes of grain in 2017, up from 8.7mn tonnes exported in 2016, mostly thanks to growing grain exports to China.
Don’t just follow the news—understand it.
The IntelliNews PRO service includes access to reports, exclusive market data, and more news that decision-makers care about. Stay ahead of the market with IntelliNews PRO.
Sign Up NowRelated Articles
S&P upgrades ratings of Freedom subsidiaries to ‘BB-’
S&P Global Ratings has upgraded the credit ratings of several subsidiaries of Nasdaq-listed Freedom Holding, raising ratings on Freedom Finance, Freedom Finance Europe, Freedom Finance Global and ... more
Kazakhstan’s Freedom fintech sets out to emulate and exceed Revolut in Europe
Freedom Holding Corp (Nasdaq: FRHC) is positioning itself to expand deeper into Europe’s financial services market with plans to launch a digital bank in France, backed by a €500mn ($572mn) ... more
Fintech Freedom Holding aims to make France key entry point into EU with €500mn investment
A French banking licence would open the way to a new phase in the international expansion of Nasdaq-listed fintech group Freedom Holding Corp. That’s the expectation of Freedom, a company ... more