Black Sea grain export at an all-time high in August
Based on preliminary data collected from various sources we estimate that total grain export from Russia and Ukraine totaled 11.0Mt in August, comfortably a new all time high, up 35% from YoY and more than a doubling from the previous month.
We estimate that wheat shipments totaled 6.6Mt, which would be up 7% YoY. Barley shipments are estimated at 2.6Mt, up 67% YoY and corn shipments are estimated at 1.3Mt, up from only 158K last year. Shipments of sunflower meal, rapeseeds and soybeans was also up YoY (Klaveness Research)
Klaveness Research says:
We expect grain export to remain at all time high levels through Q4 and in the first half 2018. However, given the exceptionally strong shipments in August we believe the monthly peak in export is already behind us.