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Russian 2017/18 wheat exports forecast revised higher

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Staff Writer | January 16, 2018
Russian wheat exports for the 2017/18 year were revised 1.5 million mt higher to 35 million mt in the USDA WASDE January report, with weather conditions being favorable to port loadings in January.
Russian wheat exports
Food trade   The USDA WASDE January report
Russia's record harvest, also revised up - by 2 million mt to 85 million mt - has supported competitive pricing for its wheat, giving farmers greater selling leverage in the global market.

As of January 10, Russian exports since July 1 were 34.1% higher year on year at 21.84 million mt, official data showed Monday.

After a flat market structure leading up to the new year, a contango structure has begun to form. Offers for deep sea Russian 12.5% protein wheat on an FOB basis for February loading were heard at $194/mt Monday, compared with $195/mt for March.

Bids were heard at $192/mt for February and $193/mt for March.