Soviet-Scale Mountain of Wheat Is Blow for Russia’s European Rivals
- Inventories at end of 2017-18 are seen at 20.6 million tons
- French, European wheat export estimates were cut this week
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Russia’s wheat stockpiles are set to swell to the highest levels since at least Soviet times, keeping its prices low in a blow to European Union rivals hoping their exports will be able to compete against Black Sea grain in the months ahead.
Despite exporting more wheat than any other country in a quarter of a century, Russia’s inventories are still projected to leap almost 50 percent to a record 20.6 million metric tons, according to Moscow-based consultant SovEcon.