Highlights

FAS Moscow increased its April 2017 total grain production forecast by 3 million metric tons (MMT) to 113 MMT. For major crops FAS Moscow forecasts: 68.0 MMT of wheat (1.0 MMT lower than the official USDA forecast as of June 2017), 16.5 MMT of barley (0.5 MMT lower than the official USDA forecast), 15.5 MMT of corn (0.5 MMT lower than the official USDA forecast), 2.6 MMT of rye (0.2 MMT lower than the official USDA forecast), 4.5 MMT of oats (0.3 MMT lower than the official USDA forecast), 0.69 MMT of milled rice (10,000 MT less than the official USDA forecast), or almost 1.06 MMT in rough, 0.55 MMT of millet (Post forecast for millet matches USDA official forecast), and almost 4.5 MMT of other grains and pulses. FAS Moscow forecasts grain exports in MY 2017/2018 at 38.0 MMT, approximately 1.0 MMT higher than Post’s estimates for grain exports in MY 2016/2017, the highest grain export estimate in Russian history. Exports forecast for MY 2017/2018 include 28.0 MMT of wheat, 3.3 MMT of barley, 5.7 MMT of corn, 0.18 MMT of milled rice, and 0.86 MMT of other grains and pulses.

Executive Summary

FAS Moscow increased its April 2017 total grain production forecast by 3 million metric tons (MMT) to 113 MMT. This could potentially be the second highest grain crop in Russia’s post-Soviet period, and may be the second only to last years’ record highest grain crop of 119.4 MMT. FAS Moscow increased its forecasts for wheat by 2.0 MMT to 68 MMT, and for barley by 0.5 MMT to 16.5 MMT compared with Post’s forecast in April. FAS Moscow’s forecast for wheat is 1.0 MMT lower than the USDA official forecast as of June 2017 and Post’s forecast for barley is 0.5 MMT lower than the USDA official forecast. FAS Moscow increased its forecast for corn by 0.2 MMT, although it is still 0.5 MMTs lower than the official USDA forecast. Forecasts for rye and oats are 2.6 MMT and 4.5 MMT respectively, not changed from Post’s forecast in April, but 0.2 MMT and 0.3 MMT, respectively, lower than the official USDA forecast. FAS Moscow decreased its forecast for milled rice by 25 thousand metric tons (TMT) to 690 TMT, approximately 1.06 MMT of rough rice. This is slightly (10 TMT) lower than the official USDA forecast. Post’s forecast for millet has not changed – 550 TMT, and matches the official USDA forecast for MY 2017/2018. FAS Moscow’s forecast for other grains and pulses is the same as the Post’s forecast in April – 4.5 MMT.

FAS Moscow increased its forecast for wheat, compared to the previous forecast. This was based on reported good condition of winter crops, which are mostly winter wheat. Winter wheat comprises 86 percent of the winter grain area, and the share of winter wheat in Russia varies from 65 percent to over 70 percent of the total wheat crop. The increased forecast for barley is also based on the good condition of the winter barley crop this season, although the share of winter barley to the total barley crop is only 10-11 percent.

Post’s corn forecast increased because farmers increased area sown to corn compared to last year and the preliminary forecast of corn area mentioned in FAS Moscow’s annual report in April.

However, the FAS Moscow forecast for most grains is lower than the USDA official forecast based on the following observations:

- Spring grain sown area, except corn, is reported to be lower than last year and the targets of the Ministry of Agriculture outlined in February 2017;

- Spring sowing lagged behind last year. Weather in many spring grain producing territories of Russia was not favorable for sowing in optimal periods for the local climate. Thus, harvest losses of spring grains may increase;

- Grain prices continue to decrease, and given high carry-in stocks and good prospects of winter grains, farmers’ returns from spring grains are forecast to decrease significantly. Meanwhile, the demand for oilseeds remains very strong, and farmers have already increased the share of oilseeds in spring sown area.

Spring sowing delays caused serious concerns for the Russian Ministry of Agriculture. Some top officials of the Ministry reported that the 2017 grain crop may be well below the record crop of 2016, and possibly even less than 100 MMT. This forecasted decrease in the grain crop is based on the concerns about harvest: unusually cold and rainy weather in European Russia in May and the first half of June caused delays in sowing of spring crops, which may result in a late harvest. Heavy rains, low temperatures and spells of frost can occur as early as September in some Russian grain producing territories. Coupled with the reported shortage of harvesters, delays in spring sowing may result in a serious drop in the harvested crop and a reduction in quality. However, these concerns are still preliminary, and it would be premature to decrease the total grain crop forecast at this time.

FAS Moscow forecasts grain exports in MY 2017/2018 at 38.0 MMT, approximately 1.0 MMT higher than the estimated grain exports in MY 2016/2017. These could be the highest grain exports in Russian history. Exports forecasted for MY 2017/2018 include 28.0 MMT of wheat, 3.3 MMT of barley, 5.7 MMT of corn, 0.18 MMT of milled rice, and 0.86 MMT of other grains and pulses.

Production 2017

Condition of winter grains

In large agricultural enterprises, winter grains were lost (killed) on 185,700 hectares, as of June 1, 2017. This was accounted for 2.8 percent of winter grain area. In 2016, winter kill in agricultural enterprises was 177,500 hectares, or 2.6 percent of area. The condition of winter crops on private farms is usually the same as on agricultural enterprises. A winter kill of 2.8 percent of the total winter grains is lower than the five year average. Thus, the general condition of the winter crops, as of early June 2017, was only slightly worse than last year, which was an extremely favorable winter crop.

As of June 5-11, 2017, the condition of winter grains was better than the multi-year average in the Southern Federal District (FD), the Southern and Central part of Volga Valley FD, and in the southern part of the Central FD. These regions are all major producers of winter grains. In Siberia where the ratio of winter grain to total grain has increased in the last 3-4 years but still remains low, cold weather and spells of frost damaged winter crops.

Spring sowing

In 2017, Russian farmers have been better financed for spring works and have had larger stocks of mineral fertilizer than last year.

Financing of spring field works

As of June 15, 2017, the total volume of credit resources that farmers received for spring field works in 2017 reached 141.87 billion rubles, 13.4 percent more than on the same date last year. These resources include 118.2 billion rubles from the Russian Agricultural Bank (“Rosselkhozbank”) (plus 38.4 percent to last year), of which loans totaling 40 billion rubles were extended with a five percent interest rate and 23.67 billion rubles that farmers received from Sberbank (minus 40.3 percent). Rosselkhozbank’s share in the financing of seasonal (spring) field works of farmers increased by 14.5 percent, y-o-y, and reached 83.5 percent of total spring field works. While Sberbank is a state owned bank, it serves all Russian industries. In agriculture, Sberbank tends to finance larger farms and agri-holdings and usually offers similar terms to commercial financing, although, Sberbank can also use federal interest rate subsidies.

There is no data on the commercial financing of farmers in 2017 from other banks. The Ministry of Agriculture decreased the list of commercial banks that have access to interest rate subsidies from the federal budget. As a result, many owners of medium size farm lost access to loans from these banks.

The profitability of grain production will decrease in MY 2017/2018.

This is due to several factors:

- World market prices, in U.S. Dollars, decreased in MY 2016/2017, and industry analysts forecast that, at best, these prices will be stagnant in MY 2017/2018.

- Russian carry-in stocks of grain are at the highest reported level in five years, and analysts are forecasting a large grain crop in 2017. Thus, prices in the domestic market may continue to decrease.

- Because of the volatility of the Ruble it is very difficult for Russian farmers to estimate future profits/losses. This is particularly true for farms that employ modern technologies and imported inputs, such as advanced agro-holding companies. For example, when farmers buy imported inputs at one exchange rate (fall 2016 farmers were purchasing inputs when $1 equaled 65-66 Rubles), but sell grain in foreign markets when the Ruble has strengthened (spring 2017, $1 equaled 56-58 Rubles); and changes in the system of government support left many grain producers without decoupled support subsidies, and also limited access to interest rate subsidies.

Mineral fertilizer

The farmers purchased 1,894,200 metric tons of mineral fertilizer (in active ingredient – a.i.) from January 1- June 19, 2017. This is 197,900 MT (a.i.) more than in the same period last year. The mineral fertilizer (with carry-in stocks form last year) is 2,175,800 MT (a.i.), 12.8 percent more than on the same date last year. The Ministry of Agriculture estimates farmers’ expected use of mineral fertilizer for all seasonal works in 2017 is 2.8 MMT (a.i.), part of which is 1.85 MMT (a.i.) for spring field works. Prices of major mineral fertilizer ranged from 7 to 14 percent lower than last year.

Spring grain area

As of June 15, 2017, Russia’s total area sown to spring grains was 30.67 million hectares, 14.2 thousand hectares (TH. HA) less than on the same date in 2016. The biggest decrease in area sown to spring grains was in the Volga Valley Federal District (FD) (minus 84.4 TH. HA) and the Southern FD (minus 74.0 TH. HA).

Along with the overall decrease in area sown to spring grains, the structure of spring grain area also changed from wheat and barley to corn, other grains and pulses, and in favor of major oilseeds (sunflowerseed, rapeseed and soybeans). Almost 87 percent of spring grain area in Russia is concentrated in four federal districts: Siberia (31.5 percent), Volga Valley (29.3 percent), Central (14.6 percent) and Ural (11.4 percent). The structure of spring grains sowing in Siberia and in Volga Valley (two major spring grains producing federal districts) shows that area sown to spring wheat and barley in these districts decreased, while area sown to other grains and oilseeds increased.

The significant changes in the structure of spring crops depend on the expected returns from different crops. Thus, according to Dmitry Rylko, the Head of the analytical company “Ikar,” farmers try to focus on the production of crops that will bring higher profits in their soil-climate zones. Thus, in Krasnodar Kray, the main rice growing region of Russia, farmers decreased rice sown area by 11.2 percent to 121.03 Th. HA. The decrease in sown area is connected to low consumer prices for rice (groats) in the domestic market.

Trade

FAS Moscow forecasts grain exports in MY 2017/2018 at 38.0 MMT, approximately 1.0 MMT higher than the estimated grain exports in MY 2016/2017, which are so far the highest grain exports in Russian history. The export forecast for MY 2017/2018 include 28.0 MMT of wheat, 3.3 MMT of barley, 5.7 MMT of corn, 0.18 MMT of milled rice, and 0.86 MMT of other grains and pulses. FAS Moscow estimates grain exports in MY 2016/2017 at 37.0 MMT, including 27.5 MMT of wheat (with wheat flour in grain equivalent), 3.1 MMT of barley, 5.3 MMT of corn, 180 TMT of rice (milled), and approximately 0.92 MMT of other grains and pulses, of which pulses account for more than 95 percent. FAS Moscow’s 2016/2017 export estimate matches the USDA estimate with one exception - barley. Post’s estimate for barley exports is 0.1 MMT lower than the official USDA estimate.

From July 2016 through May 2017 (11 months) Russia exported 25.71 MMT of wheat and almost 0.2 MMT of wheat flour in grain equivalent, 2.77 MMT of barley, 4.74 MMT of corn, 7,000 MT of rye, 10,000 MT of oats, nearly 186,000 MT of rice, and 0.86 MMT of pulses. Unlike previous years, May 2017 grain exports increased compared to April 2017, becoming the highest May grain exports in Russian history. Industry analysts estimate that Russia’s exports in June will also be the highest June grain exports in Russian history. Large remaining stocks of grain stimulate farmers to sell grain at lower prices, and the softer Ruble will help traders to maintain exports at high levels in the last two months of marketing year 2016/2017.

Wheat exports in May were also the highest wheat exports in this month in the last five years. During the 11 months of MY 2016/2017, wheat from Russia was exported to more than 70 countries, and the major destinations were Egypt (6.63 MMT), Turkey (2.43 MMT), Bangladesh (1.85 MMT), Yemen (1.25 MMT), Nigeria (1.23 MMT), and Azerbaijan (1.18 MMT).

Egypt and Turkey remain the main markets for Russian wheat exports, although Russian exporters actively develop other markets for Russian wheat. In MY 2016/2017, exports of wheat to Turkey and to Egypt were hindered by several factors dependent on general relations between Russia and these countries. These factors may again play an important role in the exports of Russian grain to these countries in MY 2017/2018. In the beginning of June 2017, the Egyptian phytosanitary authority again threatened to restore zero tolerance for Ergot on imported wheat, which may result in the closure of the Egyptian market for Russian grain. The previous period of zero tolerance on Ergot lasted from August to September 2016 and caused a decrease of exports of Russian wheat in this period.

On March 15, 2017, Turkey excluded Russia from the list of countries that may export grain to Turkey duty-free. This action resulted in a decrease of Russian exports to Turkey in April 2017. However in May, Turkey lifted these restrictions, but not completely. Turkey only partially lifted the prohibitive import duty regime for Russian grain: the quantity of licenses that Turkey issues for duty-free imports of Russian wheat shall not exceed 20-25 percent of the total number of licenses. Around 70-75 percent of Turkish wheat flour is produced from Russian wheat. The “license” quota will decrease the share of Russian wheat in Turkish flour and will affect Russian wheat exports to Turkey. The limitations on duty-free imports of wheat from Russia to Turkey may lead to the decrease of so called “shallow-water” exports of grain from Russia. Exporters of the Rostov-on-Don river basin should switch to the harbor-transshipment and deep-water ports.

Russian barley was exported to 30 countries. The major destinations in the period July 2016 through

May 2017 were:

• Saudi Arabia (1.17 MMT)

• Iran (0.41 MMT)

• Libya (0.25 MMT)

• Lebanon (0.17 MMT)

• Jordan (0.16 MMT)

The marketing year for corn is October to September. From October 2016 through May 2017, Russia exported 4.29 MMT of corn. Exports in May 2017 were higher than in April. Russia’s major markets for corn are:

• Iran (0.74 MMT)

• Vietnam (0.81 MMT)

• Korea Rep. (0.64 MMT)

• Turkey (0.48 MMT)

• Japan (0.28 MMT)

• Netherlands (0.26 MMT)

• Greece (0.13 MMT)

Stocks

As of June 1, 2017, Russian grain stocks in agricultural, assembling and processing enterprises were 18.5 MMT, including 8.1 MMT in agricultural enterprises and 10.4 MMT in assembling and processing enterprises. These stocks are the highest June 1st stocks in the last five years. Stocks of food quality wheat in the assembling and processing enterprise are also the gighest highest in the last five years.

These high stocks, coupled with good prospects for the winter grain crop, influences domestic grain prices provides a stimulus to continue grain exports in June at a high pace.

Policy

In May 2017, the top 23 traders of Russian grain signed the “Charter on Grain Turnover”. The Charter was developed in order to discipline the procedures for reimbursement VAT on exported agricultural products. Companies that export products are eligible for VAT refunds on purchases of product for Export. The VAT refund amount for grain and oilseeds is ten percent. However, agricultural producers generally do not pay VAT, but instead pay a “Unified Agricultural Tax” (UAT). Major Russian grain traders contend that this discrepancy gives ways to “gray schemes.” The number of intermediary firms created to organize a “chain-resale” of agricultural products in order to gain reimbursement of VAT taxes upon export has mushroomed. The annual budget losses from illegal VAT refunds for exports and processing of agricultural products in Russia exceed 65 billion rubles. Traders that signed the Charter agreed to resist such tax-avoidance schemes and avoid cooperation with unscrupulous intermediaries that obtain a competitive advantage through the use of illegal VAT refunds. These companies plan to instead purchase agricultural products directly from farmers, processors or commissioning firms, as well as from other bona fide market participants, and in cases of concluding contracts with intermediary companies "exercise due diligence." The accession to the Charter is voluntary. Participants in the Charter will exercise public control over the implementation of the principles of the Charter. The Charter specifically specified that information on violations in the agricultural products market should be transferred to industry unions or the National Association of Exporters of Agricultural Products (NAEAP) "for the subsequent adoption of measures aimed at preventing such violations in the future." These are measures that will be taken not by the exporters, but by the Federal Tax Service and the executive authorities, to which all information will be transferred.” As of mid-June over 100 grain trading companies signed the Charter, including such major exporters of wheat as RIF (13 percent of wheat exports in MY 2016/2017), United Grain Company (nine percent of wheat exports), Cargill (eight percent), Aston (seven percent), Zerno-Trade (six percent), Luis Dreyfus Vostok (4.5 percent), and South-Center (4.3 percent). Industry contacts have expressed that they remain concerned that there is still a significant possibility that unscrupulous industry players can exercise an unfair competitive advantage by utilizing such tax-avoidance schemes.

In March 2017, the government determined prices for grain procurement interventions for the 2017 crop, but did not announce the beginning of these interventions.

Marketing

By the end of MY 2016/2017, grain prices in Rubles in European Russia(the major exporting territories of the Russian Federation) stabilized, while prices in U.S. Dollars changed reflecting the volatility of the Ruble/Dollar exchange rate. Volatility of the Ruble to the U.S. Dollar was less prominent in MY 2016/2017 than in 2015/2016, and its influence on Russian exports was less evident. However, the dependency of domestic prices in European Russia on the Ruble to the U.S. Dollar exchange rate remains very high. In June 2017, despite high 2016 carryover grain stocks,, domestic prices (in Rubles) for wheat and Russia’s major grain exports, stabilized due to the strengthening of wheat prices in world markets, Egyptian tenders and weakening Ruble value. However, the Ministry of Agriculture’s concerns that the wheat harvest may negatively affect the volume of the 2017 grain crop has not been realized as the winter wheat crop is expected to be high.

The voluntary Charter on the Turnover of Grain also plays a role in determining the Ruble price that traders pay for wheat. Prices that include VAT are increasing, while prices without VAT (grain purchased from producers that pay single agricultural tax) are stable or even decrease.

Market prices by regions are very different: the highest market prices in Rubles are in the regions that are close to export points (South of European Russia), followed by the Central and Volga Valley regions. These regions also export grain, but logistics are more expensive. Meanwhile, prices of wheat in Ural and West Siberia are the lowest despite the acknowledged high (on average) quality of milling wheat based on protein and gluten content.

Wheat

Wheat

2015/2016

2016/2017

2017/2018

Market Begin Year

Jul 2015

Jul 2016

Jul 2017

Russia

USDA Official

New Post

USDA Official

New Post

USDA Official

New Post

Area Harvested

25577

25577

27004

27004

27500

27500

Beginning Stocks

6285

6285

5601

5601

11130

11130

Production

61044

61044

72529

72529

69000

68000

MY Imports

815

815

500

500

500

500

TY Imports

815

815

500

500

500

500

TY Imp. from U.S.

0

0

0

0

0

0

Total Supply

68144

68144

78630

78630

80630

79630

MY Exports

25543

25543

27500

27500

29000

28000

TY Exports

25543

25543

27500

27500

29000

28000

Feed and Residual

14000

14000

17000

17000

17000

17500

FSI Consumption

23000

23000

23000

23000

23000

23000

Total Consumption

37000

37000

40000

40000

40000

40500

Ending Stocks

5601

5601

11130

11130

11630

11130

Total Distribution

68144

68144

78630

78630

80630

79630

Yield

2.3867

2.3867

2.6859

2.6859

2.5091

2.4727

Barley

Barley

2015/2016

2016/2017

2017/2018

Market Begin Year

Jul 2015

Jul 2016

Jul 2017

Russia

USDA Official

New Post

USDA Official

New Post

USDA Official

New Post

Area Harvested

8042

8042

7955

7955

8000

8000

Beginning Stocks

1533

1533

836

836

1433

1433

Production

17083

17083

17547

17547

17000

16500

MY Imports

61

61

50

50

50

50

TY Imports

99

99

50

50

50

50

TY Imp. from U.S.

0

0

0

0

0

0

Total Supply

18677

18677

18433

18433

18483

17983

MY Exports

4241

4241

3200

3100

3500

3300

TY Exports

3735

3735

3400

3300

3500

3300

Feed and Residual

8900

8900

9000

9100

9200

9000

FSI Consumption

4700

4700

4800

4800

4700

4700

Total Consumption

13600

13600

13800

13900

13900

13700

Ending Stocks

836

836

1433

1433

1083

983

Total Distribution

18677

18677

18433

18433

18483

17983

Yield

2.1242

2.1242

2.2058

2.2058

2.125

2.0625

Corn

Corn

2015/2016

2016/2017

2017/2018

Market Begin Year

Oct 2015

Oct 2016

Oct 2017

Russia

USDA Official

New Post

USDA Official

New Post

USDA Official

New Post

Area Harvested

2671

2671

2777

2777

2900

2900

Beginning Stocks

348

348

169

169

624

624

Production

13168

13168

15305

15305

16000

15500

MY Imports

44

44

50

50

50

50

TY Imports

44

44

50

50

50

50

TY Imp. from U.S.

0

0

0

0

0

0

Total Supply

13560

13560

15524

15524

16674

16174

MY Exports

4691

4691

5300

5300

6000

5700

TY Exports

4691

4691

5300

5300

6000

5700

Feed and Residual

7800

7800

8700

8700

9200

9000

FSI Consumption

900

900

900

900

900

900

Total Consumption

8700

8700

9600

9600

10100

9900

Ending Stocks

169

169

624

624

574

574

Total Distribution

13560

13560

15524

15524

16674

16174

Yield

4.93

4.93

5.5113

5.5113

5.5172

5.3448

Rye

Rye

2015/2016

2016/2017

2017/2018

Market Begin Year

Jul 2015

Jul 2016

Jul 2017

Russia

USDA

Official

New Post

USDA Official

New Post

USDA Official

New Post

Area Harvested

1249

1249

1251

1251

1500

Beginning Stocks

264

264

130

130

213

213

Production

2084

2084

2538

2538

2800

2600

MY Imports

5

5

5

5

5

5

TY Imports

5

5

5

5

5

5

TY Imp. from U.S.

0

0

0

0

0

0

Total Supply

2353

2353

2673

2673

3018

2818

MY Exports

48

48

10

10

50

50

TY Exports

23

23

25

25

50

50

Feed and Residual

225

225

350

350

500

500

FSI Consumption

1950

1950

2100

2100

2300

2100

Total Consumption

2175

2175

2450

2450

2800

2600

Ending Stocks

130

130

213

213

168

168

Total Distribution

2353

2353

2673

2673

3018

2818

Yield

1.6685

1.6685

2.0288

l2.0288

1.8667

1.7333

Oats


Oats

2015/2016

2016/2017

2017/2018

Market Begin Year

Jul 2015

Jul 2016

Jul 2017

Russia

USDA Official

New Post

USDA Official

New Post

USDA Official

New Post

Area Harvested

2829

2829

2746

2746

2800

2800

Beginning Stocks

289

289

199

199

289

289

Production

4527

4527

4750

4750

4800

4500

MY Imports

2

2

0

0

0

0

TY Imports

4

4

0

0

0

0

TY Imp. from U.S.

0

0

0

0

0

0

Total Supply

4818

4818

4949

4949

5089

4789

MY Exports

19

19

10

10

10

10

TY Exports

16

16

10

10

10

10

Feed and Residual

3000

3000

3050

3050

3300

3000

FSI Consumption

1600

1600

1600

1600

1600

1600

Total Consumption

4600

4600

4650

4650

4900

4600

Ending Stocks

199

199

289

289

179

179

Total Distribution

4818

4818

4949

4949

5089

4789

Yield

1.6002

1.6002

1.7298

1.7298

1.7143

1.6071

Rice

Rice, Milled

2015/2016

2016/2017

2017/2018

Market Begin Year

Jan 2016

Jan 2017

Jan 2018

Russia

USDA Official

New Post

USDA Official

New Post

USDA Official

New Post

Area Harvested

199

99

204

204

200

196

Beginning Stocks

101

101

96

96

74

74

Milled Production

722

722

703

703

700

690

Rough Production

1111

1111

1082

1082

1077

1062

Milling Rate (.9999)

6500

6500

6500

6500

6500

6500

MY Imports

211

211

200

200

200

210

TY Imports

211

211

200

200

200

210

TY Imp. from U.S.

0

0

0

0

0

0

Total Supply

1034

1034

999

999

974

974

MY Exports

198

198

180

180

180

180

TY Exports

198

198

180

180

180

180

Consumption and Residual

740

740

745

745

740

740

Ending Stocks

96

96

74

74

54

54

Total Distribution

1034

1034

999

999

974

974

Yield (Rough)

5.5829

5.5829

5.3039

5.3039

5.385

5.4462

Millet

Millet

2015/2016

2016/2017

2017/2018

Market Begin Year

Jul 2015

Jul 2016

Jul 2017

Russia

USDA Official

New Post

USDA Official

New Post

USDA Official

New Post

Area Harvested

440

440

406

406

400

400

Beginning Stocks

0

0

0

0

0

0

Production

565

565

625

625

550

550

MY Imports

0

0

0

0

0

0

TY Imports

0

0

0

0

0

0

TY Imp. from U.S.

0

0

0

0

0

0

Total Supply

565

565

625

625

550

550

MY Exports

0

0

0

0

0

0

TY Exports

0

0

0

0

0

0

Feed and Residual

320

320

375

375

300

300

FSI Consumption

245

245

250

250

250

250

Total Consumption

565

565

625

625

550

550

Ending Stocks

0

0

0

0

0

0

Total Distribution

565

565

625

625

550

550

Yield

1.2841

1.2841

1.5394

1.5394

1.375

1.375