Getreide Cockpit, 09.08.2019

Export prices for wheat in Russia have come under pressure in the past week. This was mainly due to the high results of wheat harvest in the EU, another competitor in the export market, and the weak domestic currency. At the end of the previous week, 12.5 RP bread wheat lost around 1.80 to 175.50 EUR / t fob. At the same time, exports continued briskly, with the current estimate for wheat, barley and corn raised by SovEcon to 4.1 million tonnes in August. In July, the corresponding grain exports amounted to 3.8 million t. At the same time, imports were further reduced. According to the Federal Veterinary and Phytosanitary Surveillance Office Rosselkhoznadzor, imports of cereals, oilseeds and by-products were halved in July 2019 to 183,000 tonnes, with soybeans accounting for the largest share at 61,000 tonnes, followed by wheat at 40,000 tonnes. As a result, the strategy of increasing self-sufficiency on the commodities market is being successfully pursued by the massive import restrictions. Since 06.08.2014, Russia's food exports fell by 31%.In terms of cereals and legumes, the share of domestic products in market supply reached 99.4%, sugar 96%, vegetable oils 81.5% and meat and meat products 93%, according to the Ministry of Agriculture. At the same time, exports of food and raw materials continued to expand. Over the past 5 years, it has increased by 54% to € 23 billion.