Russia to export 45-47 million mt of grain: ministry

Russia's ministry of agriculture said Friday the country would export 45-47 million mt of grain in the 2017/18 marketing year, as much as 8% above the USDA's forecast sales volume.

The USDA's monthly global supply and demand estimate has Russian wheat and coarse grain exports pegged at 43.56 million mt

Export volumes remain well ahead of previous years, with exports of wheat up 35% on the same stage last year at 23.5 million mt, according to the ministry’s update.

The figure is 4% higher than the figure given by the ministry at the start of the week and comes ahead of official weekly market monitoring figures scheduled to be released Monday.

In the same update, the ministry said corn exports are down 4% year-on-year at 2.6 million mt.

Total corn export sales have slipped back below the 1.4% year-on-year gain seen earlier in the week, with logistical priority given to getting this year’s bumper wheat crop to market.

Despite the strain placed on Russia’s ports and rail network by the size of this year’s crop, total grain sales from July 1-January 24 now stand at 29.8 million mt – 35% higher than at the same stage last year.