Russia will retain leadership in wheat supplies to the world market

Published 2024년 6월 3일

Tridge summary

Despite significant challenges, including over 1 million hectares of crops lost to frost and a state of emergency in ten regions, Russia maintains its grain harvest forecast at 132 million tons, with 85 million tons of wheat. This allows for about 60 million tons of exports in the new season. Deputy Prime Minister Dmitry Patrushev emphasized Russia's strong grain export performance despite Western sanctions, with record exports in various grains. The EU's high duties on Russian grain are expected to impact the EU more than Russia, which will redirect its exports. The ban on durum wheat exports has ended, but the rice export ban continues due to domestic shortages. The state fund aims to have 10 million tons of grain to regulate market prices.

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Original content

Despite the loss of more than 1 million hectares of crops due to frost, Russia still maintains the grain harvest forecast at 132 million tons (including 85 million tons of wheat), which will allow exporting about 60 million tons in the new season (starts in July). This was stated by Deputy Prime Minister Dmitry Patrushev at the All-Russian Grain Forum. The West is trying to cancel Russian grain, but in the end it only makes things worse for itself. Russian food is in demand in many countries. In addition to grain, legumes are in great demand: peas, chickpeas and lentils. According to Patrushev, this agricultural season (ends June 30) Russia will supply about 70 million tons of grain to foreign markets, including 53 million wheat. “Despite sanctions and the withdrawal of foreign traders from the market, Russia does not reduce, but even increases exports. Now every fourth batch of wheat on the global market is of Russian origin,” the Deputy Prime Minister said. There is no grain ...

Source: Oilworld