July 12
Russia upgraded to top rank in world wheat exports in 2017-18
Russia was promoted by US officials to top rank in world wheat exports thanks to an upgrade to its expected harvest close to a record high, while French and Spanish woes dented hopes for the European Union crop.The US Department of Agriculture, in its much-anticipated Wasde report on world crop supply and demand, pegged Russian wheat exports in 2017-18 at 30.5m tonnes – an upgrade of 1.5m tonnes and a clear record high.The revision also took Russia's shipments 500,000 tonnes above those of the European Union, which had been expected to be the world's largest exporter this season, with US volumes, pegged at 26.34m tonnes, a distant third.This would be the first time that Russia, often a big wheat importer during Soviet times, would take top rank among exporters, on USDA estimates. While the country has previously been hailed as top exporter, it has failed to realise such aspirations, because of factors such as logistical hiccups.'Excellent conditions'The Russia upgrade reflected improved hopes for the country's harvest, with the USDA raising by 3.0m tonnes to 72.0m tonnes its forecast for production, leaving it only 500,000 tonnes behind last year's record result....MORE
July 12:
