Russia: Grain and Feed Update
Russia has harvested its largest grain crop in nearly 40 years, exceeding 134 MMT according to official reports and moving Russia into the number one position of global wheat exporters. It includes 85.5 MMT of wheat, 20.5 MMT of barley, 12 MMT of corn, and almost 15.8 MMT of other grains and pulses, according to official sources. FAS/Moscow has increased its wheat production forecast to 85 MMT, the same as the official USDA number. Meanwhile, the corn production outlook for MY2017/18 is down by 10 percent to 13.7 MT, compared to production in MY2016/17. Average yields for wheat and barley are up 16 percent and 18 percent respectively, which is an increase from MY 2016/17, while corn yields decreased by 9 percent. FAS/Moscow forecasts exports for the main grains at 46.2 MMT, including 36.0 MMT of wheat (including wheat flour in grain equivalent), 5.7 MMT of barley, 4.5 MMT of corn. Increasing world wheat market prices, weak domestic prices versus international prices and the opening of new markets are expected to stimulate additional Russian grain exports.
