Russian wheat exports hit 28.4 million mt, 41% higher y-o-y

Russian wheat exports since July 1 are 41% higher year-on-year at 28.4 million mt as the pace of wheat exports shows little sign of slowing down, data from the ministry of agriculture showed Wednesday.

The figures, which were delayed from their usual publication schedule due to a national holiday late last week, show Russian grain exports since July hit 36.4 million mt by March 14 – a 39% increase on the same stage last year.

Barley exports are up 90% year-on-year at 4.2 million mt, a pace of sales which Russian exporters may struggle to maintain, as dwindling stocks limit new sales.

The volume of exports – which would typically pick up in the second half of the marketing year – has pushed Russian barley prices up to $212.25/mt FOB according to Agricensus’ assessment.

An increase of more than 10% since the start of the year, Russian feed barley now commands a premium to 12.5% milling wheat, when it would usually trade at a hefty discount.

Corn exports, meanwhile, have reached 3.6 million mt, 1% lower year-on-year, but with the capacity to catch up with last year as dwindling barley stocks frees up export capacity.