Start to the new season of Black Sea wheat exports

UkrAgroConsult

Article author:

Maryna Marynych

Grain Market Analyst

In the first two months of MY 2020/21, wheat exports from Black Sea countries totaled 12.6 MMT, or 5% less than a year earlier, UkrAgroConsult reports.

Exports dropped at the expense of Russia, the reasons for the export decline are as follows:

• a smaller crop harvested in South Russia;
• farmers holding back sales;
• competition from Ukraine (the common export markets include Egypt, Bangladesh, Turkey).

Meanwhile, exports from Ukraine rose (up 3% year-on-year) thanks to high foreign demand and brisker sales from farmers than last year.

Judging by data from ports, Black Sea countries noticeably increased exports in September-October, mainly thanks to the key player, i.e. Russia.

We expect Russia wheat exports to increase in MY 2020/21 mostly due to a good crop (the second largest since 2018).

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