: Bloomberg: Top wheat exporter Russia targeting corn as crop rises to record

19:00 May. 22, 2016

Bloomberg: Top wheat exporter Russia targeting corn as crop rises to record

Sowing corn on Konservprom fields in the Tersky District of the Kabardino-Balkar Republic. (Getty Images)

Corn overtook barley as Russia's No. 2 export crop this year

After overtaking the U.S. as the world's largest wheat exporter, Russia is becoming a bigger part of the corn market with expectations for a record crop.

Russian farmers will boost production to 13.7 million metric tons in the season starting in October, an all-time high, according to Moscow-based consultant SovEcon. While the nation's corn shipments are still a fraction of those in the U.S. or Brazil, they're forecast to beat those of barley for the first time this season, making it Russia's No. 2 export crop.

Farmers in Russia are expanding corn output due to high domestic demand from the livestock industry and better profitability, said Dmitry Rylko, a director at the Institute for Agricultural Market Studies. Output more than quadrupled in the past decade, helping the country extend its supremacy in grain markets that saw it overtake the U.S. as the world's top wheat shipper.

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