OREANDA-NEWS. February 17, 2015. Russia may export more than 2 million tonnes of wheat between February and June as traders have to fulfil previously agreed contracts despite recently imposed export curbs, SovEcon agriculture analysts said.

The Russian government has been trying to cool domestic wheat prices, boosted by the rouble's slump against the dollar, with informal curbs on exports since Dec. 1 to which it added an export tax from Feb. 1.

"Some companies will have to continue supplying wheat for exports and fulfil previously agreed contracts despite the launched tax and signs of the rouble stabilisation," SovEcon said.

Rail supplies of wheat for export rose to 803,000 tonnes in January from 773,000 in December and were up 2.4 times year on year, it said in a note on Monday.

Russia's January grain exports hit a record high for that month as traders were in a rush to ship it before the tax launch. Grain exports, including flour and pulses, totalled 2.3 million tonnes, down from 3.1 million tonnes in December.

The tax on wheat exports will last until June 30. The duty is set at 15 percent of the customs price plus 7.5 euros but will be no less than 35 euros (\\$40) a tonne.

Since the start of this season on July 1 and until Jan. 31 Russia exported 23.5 million tonnes of grains excluding supplies to Kazakhstan and more than 24 million tonnes including Kazakhstan, SovEcon said.

The country's wheat exports reached 2.1 million tonnes in January, SovEcon said. It expects full-year wheat exports at more than 21 million tonnes including to Kazakhstan and 20.5 million tonnes excluding it.

SovEcon also expects Russia's flour exports to revive as the weak rouble has made its flour competitive with supplies from Kazakhstan and Turkey on several markets.

China has become the second largest buyer of Russian flour and imported 10,200 tonnes in July-December compared with 8,700 tonnes for the full 2013/14 year, it added. Georgia's Russian-backed breakaway province of Abkhazia is the largest buyer of Russian flour.