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Russians to emerge as wheat rivals
28 Jun 2004
Australia's wheat industry may soon face competition in key Middle Eastern markets from Russia, according to ABARE. The agricultural forecaster said Russia is set to become a major grains exporter.
In a report released last week, ABARE estimated that Russia's re-emergence as a grains exporter could ultimately depress wheat prices by 2.8 per cent and coarse grain prices by 2.6 per cent. Although Russia's agricultural sector is still inefficient by global standards, its productivity is lifting.
ABARE's warning was released as the Federal Agriculture Minister assured Russia that Australia will support its bid to join the WTO.
Australian Financial Review, 28/6/04.
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