Russia. Export prices resumed growth due to increased demand

Export price of Russian milling wheat kept sinking early last week, but resumed growth towards the weekend due to increasing demand. Price in roubles continues rising due to the ongoing devaluation of the Russian currency: it gained on average RUB 200-500/MT over last week, UkrAgroConsult reports.

Exports surged sharply: 2.2 MMT of grains (including 1.7 MMT of wheat) have been shipped abroad in March that is up 35% from the same period in February. Last week a restriction on groats exports has been imposed, but Rosselhoznadzor canceled this decision on March 24th, but there is a problem with phytosanitary certificates issuing.

Winter crop condition: according to the Hydrometeorological Center, the poor rating of winter crops in the Southern federal district (Russia’s key grain growing region) is the lowest in recent years, at 0.4-2%. At the same time, the 0-100 cm soil moisture content in southern Russia is the smallest in five years;

Planting campaign has been started: 762 Th ha had been planted to early spring crops by March 17, or 57% more than by the same date last year. Fertilization of winter crops is also ahead of last year: 7.8 Ml ha had been fertilized by March 17 (4.2 Ml ha by March 17, 2019).

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