Russia exported roughly 860 KMT of corn in November 2016. This is 83 per cent more than in November 2015 and the largest ever volume of monthly corn shipments from the country as per UkrAgroConsult.
Overall, Russia boosted corn exports by 59 per cent to 1805.7 KMT in Q1 2016/17 against 1136.4 KMT in September-November 2015/16.
It can be said that the position of the top importer of Russian corn is shared by the EU and Iran, which absorbed 22 per cent and 21 per cent, respectively, of Russian total corn exports in the reporting period. Traditionally, Korea remains the third largest importer.
Japan is also increasing corn purchases from Russia. At the time, Russian exporters shipped an all-time high 227 314.2 KMT of corn to this market.
It is also noted that Russia has also made it to open such promising markets as Bangladesh and Vietnam for its corn. The two countries have already imported a combined about 120 KMT.
As a reminder, Russia harvested a bumper corn crop in 2016, therefore we expect Russian corn export potential to increase at least 5.0 per cent from last season.