China purchased a record volume of Russian flour
Russia continued exporting flour in small lots in the latter half of 2016/17. Flour exports from the country totaled 108.8 KMT in the eight months of the current season, or 35.7% less than at the same time last season (169.2 KMT). Russian flour exports are sinking in view of shrinking production.
According to UkrAgroConsult, this season China has already become the top buyer of Russian flour. Despite the overall decline in flour supplies from Russia, shipments to China, on the contrary, continued expanding. Russia exported 43 KMT of flour to this market in July-February 2016/17 that is a record high already exceeding the whole last season by 18.8%.
Correspondingly, shipments to other destinations show substantial drops. In particular, exports to the UAE – last season’s top buyer of Russian flour – are down 26%.
Noteworthy, with the current pace of flour exports from Russia, their 2016/17 total may fall to the 2014/15 level of 150 KMT.