Russia’s wheat shipments fall 18% in Q1 MY 2025/26 on weaker demand, higher competition

Russia, the world’s largest wheat exporter, shipped 7.1 million metric tons of wheat during over July-September, the first quarter of the 2025-26 marketing year (July–June), down 18.4% from 8.7 million mt in the same period last year, according to data from S&P Global Commodities at Sea. Shipments remained sluggish throughout the quarter, weighed down by muted demand from key importers, harvest delays and heightened global competition. Exports during July and August were particularly weak — an unusual trend for the peak export window — totaling 4.7 million mt, down 13% year over year, according to CAS data. This was largely due to delayed harvests and prolonged declaration procedures, which caused grain to reach ports later than expected. However, exports began to recover in September, supported by softer prices and increased availability of new crop volumes, with shipments reaching 2.4 million mt for the month, although still below last year’s levels. Middle Eastern countries ...