Port of Novorossiisk to cut grain-handling tariff by 5 pct
Russian port Novorossiisk plans to cut grain-handling tariff by as much as 5 percent or 30 roubles ($0.91) per tonne from July 1 to boost grain exports after winterkill and spring drought, Reuters reports.
"Our team has managed to reduce the tariff thanks to optimisation of production processes," Rado Antolovich, acting general director of the port, was quoted as saying in the statement on Wednesday.
"We hope that this measure will increase the competitiveness of Russian grain and strengthen its position on foreign markets," he added.
The tariff can be decreased by up to 30 roubles, depending on the size of exporter, falling to 600 roubles ($18.23) per tonne, a source in the company, which operates the Black Sea port, told Reuters.
U.S. CBOT July wheat hit an eight-month high on Tuesday, closing up 4-3/4 cents at $7.29 per bushel after the Russian government cut the size of the crop in the No. 3 biggest wheat exporter.
Russia's Agriculture Ministry and a leading analyst cut their 2012/13 grain crop and export forecasts on Monday after winterkill and spring drought caused yields to fall.
The ministry cut its 2012/13 wheat crop forecast to 46-49 million tonnes from 57 million tonnes expected earlier, a government source said.
