Head of Russian state-owned bank VTB Andrey Kostin has sent a letter to President Putin in June asking for help in creating a “grain champion”. What does it mean for the grain sector?
• Wheat prices decline on strong competition and weakening ruble
• Weekly exports are on the rise
• Weather is extremely unfavorable for wheat harvest in Central Black Earth region
I am the Managing Director of SovEcon, a leading firm focused on the Black Sea agricultural markets research. For 27 years we have been forecasting crops and exports, assesing stocks and consumption and looking at other key price drivers. Every day we talk to farmers, traders and officials gathering market intelligence and sorting out the market noise.