Start to the new season of Black Sea wheat exports
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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