Russian grain exports on track to meet government target

Another strong week of sales has left Russian grain exports within touching distance of government targets, data from the ministry of agriculture showed Monday.

A further 1.02 million mt of grain left in the week to February 22, total exports from July 1 now stand at 33.55 million mt – 40% higher than at the same stage last year.

Russian grain exports, which needed to see around 700,000 mt leaving each week to meet the agriculture ministry’s annual target of 45 million mt, remain well on track.

The most recent data shows sellers now need to export a weekly average of around 635,000 mt of grains to meet the target.

While ice restrictions remain in place at ports on the Azov Sea and the Black Sea, the logistics situation remains stable and is significantly better than during January when poor weather delayed loadings.

The ministry’s target looks increasingly possible, with the list of delayed cargoes from earlier in the year clearing, while new orders are again being booked as the trade looks to take advantage of a new-found volatility in grain prices.

This includes an additional 826,000 mt of wheat in the last week, taking the total to 26.25 million mt – up 41% from the same stage last year.

Corn totalled 142,000 mt in the week, taking the marketing year volume to 3.08 million mt – down 2% year-on-year.

And 49,000 mt of barely was exported as sales slowed to a trickle on tighter supply.

Total barley sales are now at 3.08 million mt, double where they were at the same stage last year.