In January-April 2024, Russia increased its wheat supply to China by 19.4 times compared to the same period in 2023, reaching 96.6 thousand tons for 25.2 million dollars. “Hit the primer” According to data received from Agroexport center and Chinese customs.
During this period, China increased its foreign wheat purchases by only 3.5% to 6.2 million tons. By the end of 2023, the Russian Federation’s revenue from grain sales to China increased by 3.7 times, from $87.4 million in the previous year to almost $325 million.
Including exports of Russian wheat to China, for 35 million dollars ($2.7 million in 2022), barley for 110.2 million dollars ($18.1 million), corn for 91.7 million dollars ($29.7 million). rose.
The price of contracts for Russian wheat began to increase in March. While the price was 242 $/ton at the beginning of the year, it exceeded 200 $/ton in the spring. Experts predict that world grain stocks will fall to the lowest level in the last 9 years in 2024, which will lead to a further increase in prices.
The situation became even more complicated with the departure of Western traders from the Russian Federation; They lost access to inspect fields and evaluate harvests.
Previously dry Weather conditions in Russia triggered global increases in wheat prices
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.