Russian Grain Markets: 31 March – 4 April 2025 Russian wheat, the only de-facto exportable commodity for the moment, is relatively stable but shows the first signs of appreciation. This is happening amid solid demand from exporters and melting stocks. As of 1 March, Russian wheat stocks showed 11.6 MMT, down 34 percent from the previous year. In Southern Federal District, the Russian grain belt, stocks were as low as 2.5 MMT which is only half of what it was a year ago. Weekly wheat exports are below 0.5 MMT and exporters are complaining that wheat available for loading from seaports is in short supply and some wheat is still enroute to the port by rail. The strong RUB is a major factor for pricing in both shallow water ports and deep...