Russian wheat exports in the 2017-18 (July-June) marketing year were 48.7% higher year on year at 38.074 million mt as of May 30, data from the ministry of agriculture showed Monday. Exports accelerated last week to 980,000 mt, up 14% from the previous week. As the harvest approaches, producers tend to liquidate their stocks to free storage capacity for the new crop. Around 39.5 million mt of wheat was forecast to be exported by the end of the campaign, up from 38.5 million mt, according to the US Department of agriculture WASDE report, which would be a global record for a marketing year. Old crop offers for FOB 12.5% protein wheat loading in June on a Handysize vessel were said by sources to be at $208/mt Friday on thin demand. The market was assessed at $205.50/mt Friday, a three-month low on a lack of buying interest as buyers deferred their positions to the new crop due to backwardation in the market. Russian exporters also shipped 5.166 million mt of corn in the current marketing year as of May 30, up 9.9% year on year, while the pace of exports dropped 47% from the previous week to 93,000 mt. Barley exports totaled 5.44 million mt, double the amount a year earlier, after a 67% decline week on week to 72,000 mt. Source: Platts
Exports of Russian wheat for the the 2017-2018 marketing year reached 38 million metric tonnes (mt) as of 30 May, a 48.7% increase on the previous year, according to the US Department of Agriculture WASDE. In addition, the Ministry of Agriculture report predicted a global record export of 39.5 million mt of wheat for the full marketing year ending at the end of June.