Grain Stocks In Russia Grow By Over 11%

20 Feb, 2017
Grain Stocks In Russia Grow By Over 11%
Grain stocks in Russia were 35.247 mln tons on February 17, 2017, which was 11.3% more than the February 1, 2017 amount or +3.587 mln tons, Rossat reported.

Processing companies' wheat stocks were 10.941 mln tons (9.468). Corn stocks were 1.608 mln tons (2.075) and barley stocks were 1.548 mln tons (1.402).

As of the moment, Russia's Ministry of Agriculture has no grounds to decrease the country's grain yield forecast for 2017 compared with the 2016 forecast when 119.1 mln tons of grain were harvested. Winter crop areas are 1736.61 mln decares and spring crop areas are 526.81 mln decares.

Russian Ministry of Agriculture defined the strengthening of the ruble as a disadvantage for farmers. Wheat price is currently plummeting at the domestic market (price in rubles). The ruble/USD ratio is now 58.3.

Russia and the EU will still be competitors in the new 2017 – 2018 MY as far as wheat export is concerned. Good wheat yield is expected in Russia in 2017. Beginning stocks will be record high at 12 – 13 mln tons. Strategie Grains project wheat export from Russia will be 29.6 mln tons in 2017 - 2018 while the EU will export 28.6 mln tons. IKAR projected new season export of 28 mln tons while SovEkon predicted 27 mln tons.