Russian Port Seen Shipping Biggest Monthly Total So Far in 2013

Russia, projected to be among this season’s five biggest wheat exporters, will ship the highest monthly grain amount so far this year from Novorossiysk port in July as the harvest progresses, SovEcon said.

Traders will export more than 440,000 metric tons of grain this month from the Black Sea port, the highest amount handled this year, Moscow-based agricultural researcher SovEcon said on its website today. Shipments will include 210,200 tons of wheat and 233,400 tons of barley, SovEcon data show.

Russia’s grain exports are speeding up as harvesting progresses and the crop rebounds from last year’s drought. Farmers harvested 11 percent of the target area under grains as of July 9 and gathered 16.7 million tons, according to the Agriculture Ministry. The crop should rebound 34 percent to 95 million tons this year.

The new crop is being shipped now because the old crop stocks have been sold for exports, SovEcon said.

Russia will ship 17 million tons of wheat in 2013-14 that started July 1, the U.S. Department of Agriculture estimates show, tying with Australia and ranking behind the U.S., Canada and the European Union. That would exceed the prior period’s 11 million tons, according to the USDA.

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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