Commodities Buzz: Russia Wheat Exports Jump 45% In 2017/18

Russian wheat exports in the 2017-18 (July-June) marketing year to date were 44.6% higher year on year at 36.237 million mt, data from the ministry of agriculture showed Monday.

Around 39.5 million mt of wheat was expected to be exported by the end of the campaign, according to the US Department of Agriculture WASDE report, which would be a global record for a marketing year.

Despite the USDA raising its export estimate from 38.5 million mt in the previous WASDE report, prices have fallen as fresh business has been absent.Prices for 12.5% protein wheat on a FOB basis were at a 1-1/2 month low at $ 209.50/mt on a lack of buying interest due to good coverage and the arrival of the new crop.Key markets such as Egypt have stocked up in advance of Ramadan while arbitrage routes to Turkey have closed on weakness in the lira against the dollar.