MIN +12
MAX +19
Mostly Cloudy / 02:36 AM / Traffic

Black Sea Wheat Exports Rising 40%

LONDON — Wheat exports from the Black Sea region are set to jump as much as 40 percent this month as buyers seek cheaper supplies from Russia and Ukraine, according to grain trader Nidera.

Shipments from the countries and Kazakhstan may reach 3 million to 3.5 million tons in July, said Francesca Kleemans, director of strategy and research at the Nidera Handelscompagnie trading arm. That compares with 2.5 million tons a year earlier.

"In the Black Sea area, we are going to see a huge crop," Kleemans said Monday. "It's going to come out, and it will find good buyers. All of those who haven't bought are lining up."

Egypt bought Russian-grown wheat this month for the first time since last year. The Eastern European country has a cost advantage of as much as $40 a ton over wheat from the United States and Western Europe, according to Paris-based farm adviser Agritel.

Egypt agreed to buy a total of 360,000 tons of Russian wheat in two tenders this month. Rotterdam-based Nidera will deliver 120,000 tons of that amount.

See also:

Russia Expecting 3rd Largest Grain Harvest in Post-Soviet History

Russia Underestimates Grain Exports Due to Time Lag

Government Proposal to Limit Russians' Ownership of Livestock Elicits Outrage

From the Web

Dear reader,

Due to the increasing number of users engaging in personal attacks, spam, trolling and abusive comments, we are no longer able to host our forum as a site for constructive and intelligent debate.

It is with regret, therefore, that we have found ourselves forced to suspend the commenting function on our articles.

The Moscow Times remains committed to the principle of public debate and hopes to welcome you to a new, constructive forum in the future.


The Moscow Times