Russian July Wheat Exports Seen at 1.8 Million Tons by SovEcon

Russia, the world’s third-biggest wheat exporter last season, sold 1.8 million metric tons of the grain abroad in July, more than double the prior month’s shipments, researcher SovEcon said.

Exports were the second-highest for the month after the record amount shipped in July 2011, Moscow-based SovEcon said on its website today. Egypt and Turkey were the biggest buyers, followed by Israel, Iraq and Georgia, it said.

Russia shipped 2.4 million tons of wheat in July of last year and 723,100 tons in June 2012, according to Federal Customs Service figures. Total grain exports in July of this year were 2.07 million tons, Agriculture Ministry data show.

Russia may be able to export 10 million to 12 million tons of all grains in the current season begun July 1, according to estimates by Deputy Prime Minister Arkady Dvorkovich on Aug. 8. That compares with the 27.2 million tons shipped in the last season, Agriculture Ministry figures show.

Wheat exports from Russia were 21.3 million tons in the 2011-12 season, according to the U.S. Department of Agriculture. Shipments are set to fall to 11 million tons in the current period after drought affected fields across the country since May, according to an estimate by the USDA’s Foreign Agriculture Service in Moscow on July 26.

Wheat for December delivery fell 0.1 percent to $8.75 a bushel on the Chicago Board of Trade by 11:49 a.m. in Moscow. Prices are up 34 percent in 2012.

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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