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Russia, China sign grain export deal

Russia will supply 70 million tons of grains, legumes and oilseeds to China.

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On October 18, a Russian grain export company entered into a contract with the China Chengtong state corporation to supply 70 million tons of Russian grains, legumes and oilseeds to China.

According to reports, an EPT grain export representative said that the contract was for 12 years, with the possibility of an extension.

Karen Ovsepyan, leader of the New Land Grain Corridor initiative, told TASS the contract was worth $25.7 billion.

Reuters reported that Russian President Vladimir Putin met with China this week. In the meeting, he claimed Russia’s 2023 grain harvest will be around 137-138 million tons.

Russia's agriculture watchdog told Reuters that the country's grain exports to China since the beginning of 2023 have grown to a record 3.5 million tons as of Sept 24, compared to 2.2 million tons for the whole of 2022.

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