In the 2023-2024 season, Russian agricultural exporters can export 37.5-45 million tons of wheat to foreign countries. Thus, local companies will be able to repeat the current season’s record, informs Kommersant newspaper, which refers to statistical data of market participants.
“A good harvest and huge closing stocks allow us to make optimistic plans for wheat exports from Russia next season. According to analysts, the country can export 37.5-45 million tons, which is comparable to this season’s record shipments.
At the same time, export prices of Russian wheat in the world agricultural market can be supported by the latest restrictions on Ukrainian grain imports by Eastern European countries, including Poland and Hungary. Average prices for this type of crop, which contains 12.5 percent protein, decreased by $2 to $271 per tonne (FOB) last week. However, the article concludes that in the foreseeable future, the cost of Russian wheat may rise to the optimal corridor – $277-283 per tonne.
April 3 Russian Prime Minister Mikhail Mishustin declaration10 billion rubles will be allocated to support Russian grain producers. This measure is due to the country’s need to strengthen food security and expand export supplies.