Futures Close Report 19th November 18

Russian FOB Export values increase by $3 / tonne week on week as supply tightens.   The agriculture ministry raised its forecast for the 2018 grain crop by 1 million tonnes to 110 million tonnes last week but kept its forecast for 2018/19 grain exports unchanged at 38-39 million tonnes. SovEcon currently expects Russia’s 2018 grain crop to reach 110.2 million tonnes, including 70.7 million tonnes of wheat, 9.9 million tonnes of maize (corn) and 16.8 million tonnes of barley.  Russian exports for this season to date are approx 22 million tonnes.