A French newspaper reports that even with ongoing transport problems in the Black Sea, Russia is positioned to dominate the global grain market. The article from Le Figaro highlights Moscow’s favorable trajectory if wheat yields stay high for a second consecutive year, suggesting sustained export strength and market influence.
According to the publication, uncertainty about shipping routes in the Black Sea does not diminish Russia’s outlook to lead the grain sector through the 2023-2024 period, as described by the authors.
Data from the United States Department of Agriculture indicate a tightening global wheat supply, with an anticipated decrease of three million tons. Simultaneously, grain stocks are expected to shrink, a development that typically benefits Russia as the world’s leading wheat exporter.
In related policy updates, the Russian Ministry of Agriculture announced a temporary reduction in the export tax on wheat from August 30 to September 5, lowering the tariff to 3,729 thousand rubles. This shift comes amid ongoing efforts to manage export flows and maintain competitiveness in international markets.
The most recent grain shipment covered by the existing agreement has departed the Black Sea, signaling changes in the enforcement and scope of that arrangement and underscoring ongoing strategic adjustments in regional grain trade.