ISTANBUL: Russia exported 564.3 KMT of corn in November 2017, or 34.4% less than at the same time in 2016 (859.6 KMT). In the first three months of MY 2017/18, Russian exporters shipped abroad some 1.3 MMT of corn that is down 28.5% year-on-year.
The decline in corn exports results from a smaller crop along with Russian farmers’ failure to finish the harvest before the winter set in.
Turkey became the top importer of Russian corn in Q1 of the current season: it absorbed 38% of total exports at the time (roughly 500 KMT). The pace of corn supplies from Russia to Turkey is more than two and half times faster than last year. In addition, noteworthy is that last time Turkey was the largest buyer of Russian corn back in MY 2014/15, when Russia supplied more than 1.4 MMT to this market.
Korea and Iran also remain major end markets for the Russian commodity this season.
