Russia's 2012/13 grain exports are expected to reach around 13.3 million tonnes by the end of December adding support to high domestic prices and raising prospects of active imports during the spring, SovEcon agricultural analysts said on Monday. "Taking into account the tight balance, export levels remains quite high. It's clear that grain export has already exceeded the amount allowable by the (supply and demand) balance," SovEcon added.

Russia, historically the world's number three wheat exporter, was hit by hot and dry weather this year, which slashed its wheat harvest by a third and sent domestic wheat prices to record levels. In December, Russia is expected to ship abroad 0.9-1.0 million tonnes of grain, including the equivalent amount in flour and legumes, down from 1.66 million tonnes in November and from 2.41 million tonnes in October, SovEcon said. The current 2012/13 marketing year started on July 1. For wheat, around 500,000-550,000 tonnes is expected to be shipped in December and 350,000-400,000 tonnes in January, down from 978,000 tonnes in November.

Copyright Reuters, 2012