Market Snapshot on Russian Wheat

  • Russian exports as of May 03, 2017  were just 7% up on last MY values, despite the massive increase in the 2016 crop output. Russian Export Surplus as of May 03 stood at 3.1 mln mt,  only 886K mt higher on year.

 Russian Wheat Export Surplus as of May 03 (2016-17 MY Vs 2015-16 MY)

RU WHEAT EXPORT SURPLUS MAY 12Source: Russian Min of Ag/Trade Press/Own Estimates

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Russian Wheat S&D Table

RUSS SD MAY 05Source: USDA, IGC, Russian Min of Ag/Own Estimates

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The current surplus difference is likely to be referred to lower wheat grades as high protein wheat output in the 2016 crop campaign was effectively weaker than in the previous season. See chart below.

 

rusagro-trans-b

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Top destinations for Russian exports include Egypt, Turkey, Iran, Bangladesh and Azerbaijan. Preliminary customs data suggest a drop in exports to Iran. Conversely, Russian wheat exports to Morocco soared to 780k mt over the July 2016-March 2017 period.

Top Russian Wheat Export Destinations. 2014-15/2015-16/2016-17 MY

RU WHEAT X BY COSource: Customs data/SovEcon/Ikar/AgFlow

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Russian Wheat Plantings by MY. ‘000 Ha

MY ACCREAGE

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Source: USDA/Min Russian of Agriculture/Own Estimâtes

 

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