Russian grain exports may set a record in March

Published 2024년 3월 27일

Tridge summary

The export price of Russian wheat has seen a rise for the second week in a row, reaching $204.50 per ton, a $3.50 increase from the previous week, due to potential record grain exports in March as forecasted by IKAR and Sovecon. Last week's wheat exports from Russia hit 1.14 million tons, contributing to an anticipated record of 5.0 million tons for March. Despite concerns over weather conditions and lack of precipitation, the outlook for Russia's wheat harvest is optimistic, with an updated estimate of 94.0 million tons. Furthermore, Russia is exploring alternative grain export markets outside the European Union in response to the EU's proposed tariffs on grain imports from Russia and Belarus.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The export price of Russian wheat rose for the second week in a row, which may have been caused by world markets, and according to analysts, grain exports may set a record in March. The price of Russian wheat with a protein content of 12.5 percent delivered on board, known as FOB delivery, when the seller delivers the crop to the port at his own expense, was $204.50 per ton in April. This is $3.50 higher than the previous week, according to data from agricultural consulting firm IKAR. Agricultural consultancy Sovecon indicated the price of wheat in the same class at $202-$205 per tonne with the same delivery solution, compared with $201-$204 a week earlier. Russia exported 1.27 million tons of grain last week, up from 1.20 million tons the previous week. Wheat accounted for 1.14 million tons of exports, compared to 0.93 million tons last week, Sovecon wrote, referring to port data. The consulting firm raised its estimate for wheat exports in March by 0.2 million tons to 5.0 ...

Source: AgroForum