Vietnam compensated Russian corn for the decline in Turkish demand

23.05.2017

Russia exported 622.7 KMT of corn in March 2017, or 45% more than in February but 7% less than exported in March 2016.

Nonetheless, Russian corn exports in the seven months of the current season far outstripped last year owing to the bumper 2016 crop, UkrAgroConsult notes. So, Russian exporters supplied to foreign markets 21% more corn in September-March 2016/17 than at the same time in MY 2015/16 (3893 KMT against 3207 KMT in September-March 2015/16).

Already traditionally, the European Union and Korea remain among the top importers of Russian corn, though the EU’s export share shrank this season. Russia exported 30% less corn to this market in the reporting period (760 KMT against 1080 KMT in September-March 2015/16).

Iran and Vietnam joined the main end markets of Russian corn this season. They compensated Russia for declined demand from the previous key importer, Turkey. The country imported 40% less Russian corn in September-March than in the same period a year ago.

The current season saw the first exports of Russian corn to Vietnam. According to preliminary information of market participants, Russia exported over 750 KMT of corn to this market in September-March 2016/17.

 

UkrAgroConsult

Readers choice: TOP-5 articles of the month by UkrAgroConsult