MOSCOW (Reuters) - Russia is set to become the world's second-largest wheat exporter in the 2015/16 season, taking market share from Canada and the United States, thanks to a weak ruble and a drop in supplies from its main rivals, consultancy SovEcon said. Russian wheat exports are at a historic high this season, which runs until June 30, due to a bumper 61 million tonne crop in 2015 and the weak ruble.
Global prices are, however, depressed, forcing exporters to compete for a smaller market share due to oversupply, and the 2016/17 season is expected to start with large stocks. “With the end of the 2015/16 season, Russia appears set to renew the record level of the previous season,” SovEcon, a Moscow-based agricultural consultancy, said in a report prepared for Reuters.
“Total grain exports will reach 33 million to 33,5 million tonnes, including 23 million to 23,5 million tonnes of wheat, making Russia the second-largest exporter after the European Union for the first time,” he added.
Reuters - 24/03/2016
Access our free Agribusiness report: http://conteudo.costdrivers.com/report-agronegocio
