According to experts, Russia’s wheat exports are getting close to setting a record.
According to experts, Russia’s wheat exports are getting close to setting a record.
MOSCOW:
If storm-related delays along its primary sea route are kept to a minimum, economists forecast that Russia, the world’s largest exporter of wheat, would export wheat at levels that are almost certainly close to records in December.
According to specialists at Russian rail operator Rusagrotrans, since the season began on July 1, Russia has sold more wheat to Pakistan, Saudi Arabia, Algeria, Brazil, and Mexico than in any other season. According to Rusagrotrans, Russia also started supplying wheat to Iraq again after a ten-year break.
The Russian Union of Grain Exporters trade association posted on social media on Wednesday that “after significant awareness about the covert sanctions and action of the international community, Russian grain exports are slowly returning to normal.” The group noted that total grain exports from Russia, excluding shipments to Kazakhstan, Armenia, and Belarus, are anticipated to increase by 10% to 26 million tonnes in July–December.
A record grain production of 150 million tonnes, including 100 million tonnes of wheat, is expected to be harvested in Russia in 2022. However, due to issues associated to the Western sanctions imposed on Moscow, they noted, Russia is likely to export less throughout the course of the entire July-June marketing season in 2022/23 than its enormous harvest might possibly allow.
