Russia May Have Record Wheat, Corn Shipments, Ikar Says

Russia may export record amounts of wheat, corn and legumes in the marketing year that ends June 30, the Institute for Agricultural Markets said.

Russia has surpassed already the previous record for wheat exports after shipping 18.5 million metric tons, and its total wheat shipments for the season are seen at 20 million tons, said Oleg Sukhanov, head of markets analysis at the institute, known as Ikar, by phone in Moscow today.

The prior wheat-shipments record was 18.1 million tons in 2009-10, he said. Corn exports have reached about 1.2 million tons so far this season, about 100,000 tons short of the previous record in 2008-09, he said. Exports of peas and other legumes reached an all-time high 600,000 tons, he said.

Most of Russia’s grains and legumes are shipped to North Africa and the Middle East, according to Ikar.

Carryover-stocks of wheat may reach as much as 11.5 million tons by the time the new season starts on July 1, which may allow Russia to export 17 million to 18 million tons of the cereal next season, provided weather conditions let farmers reap a similar crop to the previous year’s, Sukhanov said. Total grains exports in the next season are seen at between 21 million and 22 million tons, he said.

Russia’s grain shipments are expected to be a record 26 million tons this season, SovEcon, a Moscow-based agricultural researcher, said last week.

To contact the reporter on this story: Marina Sysoyeva in Moscow at msysoyeva@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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