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Market Snapshot on Russian Corn

Russian Corn exports as of May 03, 2017 were 4% higher on year as a result of the increase in supply linked to the large 2016 crop output.

Russian Corn Export Surplus as of May 03, 2017 stood at 1.8 mln mt, 760k mt higher on year.

Russian Corn Export Surplus as of May 03. 2016-17 MY Vs 2015-16 MY

RU CORN EXPORT SURP MAY 03Source: Russian Min of Ag/Trade Press/Own Estimates

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The current surplus difference is down to the large 2016 crop output. Higher exports have only partly absorbed the increase in supply.

 Russian Corn S&D Table

russian-corn-balance-sheetSource: USDA, IGC, Russian Min of Ag/Own Estimates

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Top destinations for Russian exports include South Korea, Turkey and Italy. Preliminary customs data suggest a drop in exports to Greece. Conversely, Russian wheat exports to Iran rose to 560k mt over the Oct 2016-March 2017 period.

Top Russian Corn Export Destinations. 2014-15/2015-16/2016-17. Oct-Sep MY

RU CORN EXPORT DEST MARCHSource: Customs data/Trade Press/AgFlow

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