Results of the 2023/24 grain season for Russia

Published 2024년 7월 17일

Tridge summary

The Russian agricultural industry saw record-breaking achievements, particularly in wheat, barley, and pea exports, with a notable increase in global wheat export share to 28% and total grain exports surpassing 74 million tons. The exit of transnational grain traders allowed Russia to better cater to specific markets, boosting niche crops like rye, buckwheat, and millet. Analysts forecast a 10% rise in grain legume cultivation in 2024 due to growing import demand. Iran emerged as a key importer of Russian forage crops, while Indonesia re-entered the market and Nigeria halted imports due to banking issues. Despite initial price challenges, wheat futures and Russian wheat prices rose significantly towards the season's end.

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

Original content

Another agricultural year has ended, which again became a record year for the Russian agricultural industry. First place in the export of wheat and barley, leadership in the supply of peas to China - all this became possible thanks to the well-coordinated work of farmers and exporters, despite the weather and political conditions. The field.rf magazine spoke with leading market analysts about the results of Russian agricultural exports and forecasts for the next season. According to the Rusagrotrans analytical center, in the past season Russia managed not only to maintain, but also to strengthen its position as a leader in wheat exports. Our country’s share increased from 25% in the 2022/23 season to 28% due to an increase in supplies (Rusagrotrans estimate – 55.4 million tons). General Director of the Institute for Agricultural Market Studies Dmitry Rylko According to the General Director of the Institute for Agricultural Market Studies Dmitry Rylko, the completed grain export ...

Source: Agrovesti