November 22, 2012
Russia's wheat stocks drop 47% on-year
As of November 1, Russian wheat stocks at farms, procurement and processing companies, excluding small farms, fell 47% from a year ago level.
SovEcon agricultural analysts said on Tuesday (Nov 20), citing data from the Federal Statistics Service.
Hot and dry weather in the summer slashed the wheat harvest by a third in Russia, historically number three world exporter, prompting it to finish its harvest campaign early, and quickly depleting its stocks and exportable surplus.
Wheat stocks at agricultural enterprises, excluding small farms, stood at 8.15 million tonnes as of November 1, down from 15.3 million tonnes a year ago and down from 13.6 million tonnes as of November 1 2010, when Russia was also hit by drought.
During the last year's season, the same level of wheat stocks - at about eight million tonnes - was seen in early February.
Overall grain stocks at agricultural enterprises, excluding small farms, fell 32% to 19.3 million tonnes as of November 1 2012, data from the Statistics Service, or Rosstat, showed.