Consulting Agency UkrAgroConsult
According to preliminary information, Russian exporters shipped abroad 4.1 MMT of corn in the first eight months of MY 2017/18 (September-April) that is just 2% less than in the same period in MY 2016/17, reports UkrAgroConsult.
Russian corn exports decreased 11% in April 2018 against March 2018. At the same time, this is twice as much as in April 2017.
Russia keeps exporting corn at a near-record pace despite a noticeable drop in its 2017 production in the country (down 9.3% according to UkrAgroConsult estimates).
As Russian corn exports continue so rapidly, UkrAgroConsult is raising its forecast for 2017/18.
The gain in corn supplies from Russia is accounted for mostly by Turkish demand. More than 1.5 MMT was supplied to Turkey in the period under review, or almost twice as much as in the whole of MY 2016/17. The second place belongs to South Korea that absorbed about 19% of total corn exports from Russia.
In addition, shipments to Lebanon in September-April 2017/18 were up 93% against the same period of last year.
At the same time, Russian corn deliveries to Vietnam slumped to 100 KMT in September-April against 683 KMT in the same period of MY 2016/17. The European Union also reduced purchases.
As a reminder, Russia exported a record 5.64 MMT of corn last season (2016/17).
As for the prospects for 2018/19 season, Russian export potential will decrease due to lower corn production forecasts, UkrAgroConsult’s analysts note.
More detailed information on the latest trends in grain exports, supply and demand balances with breakdown by crop as well as crop conditions and progress in planting in the countries of Black Sea Region is available to subscribers for weekly market report "Black Sea Grain" and “Online market review” by UkrAgroConsult.
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