SovEcon Sees Russian Corn Exports Ahead of USDA Estimate

Russian corn exports this season are estimated to be 14 percent higher than the U.S. Department of Agriculture’s forecast last week as the pace of shipments remains strong, market researcher SovEcon said.

Russia may export a record 4 million metric tons in the marketing year ending Sept. 30, compared with a forecast for 3.5 million tons in USDA’s latest global grain-trade report, Moscow-based SovEcon said on its website today.

“The world may have not realized this yet, but Russia is becoming a major corn exporter,” SovEcon Director Andrei Sizov said by phone today. “Production is increasing because of its high margins and the grain’s high yields.”

Russia is forecast to be the world’s fifth-largest corn exporter in 2013-14, according to USDA data. Deliveries from top-shipper the U.S. may reach 48.3 million tons, the data show. The second-biggest exporter is expected to be Brazil, followed by Ukraine and Argentina. Russia ranked in ninth place in 2012-13.

The country harvested 11.5 million tons of corn last year, Agriculture Minister Nikolai Fedorov said Dec. 16.

South Korea, the European Union and Turkey are the biggest buyers of the grain from Russia, Sizov said.

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