Russia to witness highest grain stocks (y-o-y) in the last 7 years. The high level of stocks is due to the record grain crop (Russian State Statistical Service preliminary data is 118 MMT) and a slower pace of exports than last year. 

In July-December 2016, Russia exported 20.8 MMT, three percent less than in the same period last year.In Southern European Russia (Southern and North Caucasus federal districts), the Major grain exporting districts of Russia, stocks were also the highest in the last seven years -12.0 MMT. Wheat stocks at the assembling and processing enterprises on January 1, 2017 were also the highest stocks in the last seven year.

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