Russian wheat in the hunting grounds of the USA

Published Jan 16, 2024

Tridge summary

Russia became a net exporter of wheat in 1999 and has since been rapidly increasing its market share, with forecasts suggesting it could set a new record for wheat sales in 2023/24 at 51 million tons. Due to fierce competition, the European Union is having to sell its wheat at the same price as Russia, with both countries selling at an export price of $245. Russia's wheat is also gaining competitiveness in distant markets, such as Brazil, where it has been selling more wheat than Argentina. Additionally, Ukrainian wheat exports to the EU have increased due to conflict, with Spain and Romania being the top destinations for their exports.

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

Original content

After the 1999 harvest, Russia became a net exporter of wheat for the first time, but since then it has been increasing its market share rapidly. The current sales season could be the fourth in a row when it will be the world leader in wheat sales. According to forecasts, in 2023/24, it can set a new record for the sale of bread grain with 51 million tons. (The rise of Russian wheat in the world is strongly supported by climate change and the economic policy decisions aimed at acquiring production know-how. See also our article: The Big Bear is crushing the world, only our know-how remains.) Due to the strong competition in the region, the European Union is forced to ask exactly as much for its wheat as Russia if it wants to sell it, so on January 10, according to the USDA, both wheat exporters sold their goods at an export price of $245. In the meantime, freshly harvested Argentinean grain also appeared on the market and is trying to follow the prices of the Eurasian region ...

Source: MezoHir