News

Wheat from Russia displaces European wheat in two major markets

Wheat
Russia
Market & Price Trends
Published Apr 18, 2024

Tridge summary

A report by the USDA's Foreign Agricultural Service highlights a significant shift in the global wheat market, with Russian exporters increasingly dominating in Africa and the Middle East, outpacing European competitors. This change is driven by record Russian grain harvests, which have led to a projected increase in Russian grain supplies to these regions by one million tons for the 2023-24 agricultural year. Meanwhile, European Union exports have seen a downturn, particularly to North Africa and the Middle East, as countries like Algeria and Saudi Arabia turn to Russia for their wheat imports, attracted by better prices, larger volumes, and superior grain quality.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Russian wheat exporters are pushing European wheat exporters out of the markets of Africa and the Middle East. This is reported in the latest report of the Foreign Agricultural Service (FAS) of the US Department of Agriculture (USDA, publishes data and forecasts on agricultural indicators not only in the States, but also in other countries - ROSNG) “Grain: World Markets and Trade.” The organization's experts explained such successes by record crop harvests in the Russian Federation. They increased the forecast for total Russian grain supplies in these two directions by one million tons - from 51 to 52. Specific estimates regarding exports to the African continent for the 2023-24 agricultural year (for grain in Russia it is replaced in July of the first of the named calendar years - ROSNG ) is not given in the report, but the service previously estimated it at 45.5 million tons. Thus, the remaining volumes will likely come from the Middle East. At the same time, the estimate for ...
Source: Rosng
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