Russian wheat exports up 42.6% on year so far to 27.1 million mt


Russian wheat exports from July 1 to February 21 in the 2017-18 marketing year are 42.6% higher year on year at 27.052 million mt, data from the ministry of agriculture showed Monday.

Wheat line-ups each month remained fully booked, sources said. The export pace picked up further in the latest week as ports continued to clear a backlog created by bad weather in January.

Around 200,000 mt of wheat was expected to be handled in March, delayed from February, at Novorossiisk, according to a source.

Nonetheless, with improving weather conditions, the export pace for nearby positions will likely keep up, sources said.

Prices for 12.5% protein wheat on a FOB basis set a new 33-month high of $207/mt Friday, up $2.50 week on week on tightening prompt supply.

Russian exporters have also shipped 3.256 million mt of corn in the current marketing year, down 1.6% year on year on delayed loadings and forecasts of a smaller crop, although 0.4 percentage points higher week on week as buyers seek alternatives to expensive barley imports.

Barley exports totaled 4.034 million mt, up 90% year on year but only a touch higher on the week as barley imports remain expensive on tight supply.


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