Russia's share in world wheat trade may decrease

Russian farmers say that after heavy losses this year, they will sow less wheat and switch to more profitable crops such as peas, lentils and sunflowers. Reuters writes about it. Such decisions will have direct consequences for world wheat prices and inflation in major buyers such as Egypt. Russia's wheat crop will shrink to 83 million tonnes this year due to frost and drought, from 92.8 million tonnes in 2023 and a record 104.2 million tonnes in 2022. New forecasts point to dim prospects for next year as well. Although Russia has been exporting wheat at near-record paces in recent months, exports are expected to slow due to a poor harvest and export restrictions. As this year's harvest season draws to a close, Russian farmers are assessing their losses from the extremely bad weather and considering their next steps amid falling wheat yields. The first victim was winter wheat, the sown area of which will be reduced by 10% this year - to the minimum of 2019, according to ...