Russia Seeks New Markets (Part 2)

Traders in the US complain that US wheat is too expensive for many buyers in the Middle East and Africa. High freight costs to bring the wheat to the US export ports, as well as the mechanism of the CME futures contracts to ensure guaranteed storage costs, ensure that US grain is always more expensive than Russian.
In the meantime, Russia is also managing its transhipment bottlenecks in export ports. The goal of achieving export capacity of 25 million tonnes to 77.7 million tonnes by 2022 will be two years earlier than originally planned.
In the 2017/18 season, Russia exported 52.4 million tonnes, 47% more than in the previous year. Of these, 40.5 million tons were wheat. This season it will be 38-39 million tons.
An incalculable element is the weather in Russia. As a result, harvests here in larger quantities than in most other regions of the world. There have been years when the Russian government had to limit grain exports in the middle of the export season to secure domestic supplies. However, prices on the local Russian market have been relatively stable so far this season.

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