USDA: Russia to lose top wheat exporter position with 29 mln tns

MOSCOW, May 11 (PRIME) -- The U.S. Department of Agriculture expects Russia’s wheat exports to rise to 29 million tonnes in the 2017–2018 agricultural year from 28 million tonnes in the 2016–2017 agricultural year, precluding the country from becoming the world’s top wheat exporter, the authority said in a statement late on Wednesday.

Russian exports will be overshadowed by the U.S. as the authority improved its estimate of its wheat exports by 500,000 tonnes to 28.3 million tonnes for this agricultural year, which runs from July 1, 2016 through June 30, 2017.

In the next season, which will run from July 1, 2017 through June 30, 2018, the E.U. may increase its wheat exports to 31 million tonnes from 27 million tonnes, exceeding Russian exports, the department said.

The authority explains consistent and high Russian wheat exports by large grain stocks, expectations of a bumper crop in 2017, and competitive prices for the new wheat harvest.

Russia’s Agriculture Ministry expects grain exports to remain flat on the year at 33.9 million tonnes of grain, including 24.6 million tonnes of wheat.

End