Russia will retain leadership in wheat supplies to the world market

Published Jun 3, 2024

Tridge summary

Russia is set to achieve record exports of grain, including 53 million tons of wheat, in the ongoing agricultural season, despite sanctions and the withdrawal of foreign traders. The exports will be making their way to various countries, with Algeria increasing its purchase of Russian wheat. Despite efforts to cancel Russian grain presence in the market, its quality and price make it highly competitive. However, a grain sowing disaster due to frost has affected over a million hectares of crops, including grain crops, leading to a state of emergency in ten regions. Despite these challenges, Patrushev predicts that the grain harvest will be sufficient to meet domestic needs and expects grain exports to reach 60 million tons in the new season. India is also considering opening its market to import 3-5 million tons of Russian wheat.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

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 crop for which there would not be a record export this season: wheat, barley, corn, legumes - all will have historically record figures, noted Igor Pavensky, head of the agricultural markets analysis department at Rusagrotrans. The most successful cases were in Algeria, where Russian wheat consolidated its market share, thereby partially displacing suppliers from Europe. Other sales areas were also actively growing: in North Africa - Egypt, Libya, Tunisia and Morocco, in Asia - Bangladesh, Indonesia and Vietnam, said Evgeniy Zaitsev, deputy director of the Agroexport federal ...
Source: RG
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