Russia’s Grain Crop for 2012 May Be at Least 90 Million Tons

From Bloomberg:

Russia’s grain crop will be “at least” 90 million metric tons this year, the Agriculture Ministry said.

The figure may be reached “on condition of favorable weather and climate conditions,” the ministry said today in a statement, citing Agriculture Minister Yelena Skrynnik.

Russia’s target is to sow 50.8 million hectares (125.5 million acres) with all types of spring crops this year, including 30.3 million hectares of grains, Skrynnik said at a ministry meeting today. This will require financing of 224 billion rubles ($7.1 billion), including up to 150 billion rubles of loans, she said.

Farmers are poised to use extra fertilizer on 15 million hectares of winter crops this year, the statement showed.