Wheat exports will hit a record this season in Russia

Published May 29, 2024

Tridge summary

Russia's grain exports have seen a significant increase this season, with over 60 million tons exported, which is a 10 million ton increase from the previous year. The exports have been diversified to include wheat, barley, and corn, and the traditional Middle Eastern and North African markets have been expanded to include Asia, sub-Saharan Africa, and Latin America. The departure of global grain traders from the Russian market last year has provided opportunities for domestic companies, leading to updated grain export records. The Ministry of Agriculture also plans to increase the base price of wheat from 17,000 rubles to 18,000 rubles per ton.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Since the beginning of the current season, the volume of grain exports from Russia has exceeded 60 million tons, which is more than 10 million tons higher than in the same period of the previous year. Chairman of the Board of the Union of Grain Exporters Eduard Zernin spoke about this in an interview with Interfax. Including supplies of wheat increased by 5 million tons, shipments of barley and corn also increased. According to him, “there is no longer any doubt about record export figures.” “We have not only diversified our sales markets, but also expanded the range of agricultural products supplied, showing the world market that Russia is not only a leading exporter of wheat, but also a reliable supplier of other grain crops,” Zernin said. He noted that Russian grain exporters are actively developing new markets. “The share of the Middle East and North Africa in our supplies has decreased from 80% to 65%, while the share of new markets in Asia, sub-Saharan Africa and Latin ...
Source: AgroInvestor
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