Wheat exports from Russia, the world’s largest supplier, will be close to record highs in December, if disruptions caused by storms in its main sea route are limited, analysts said.
Since the start of the season on July 1, Russia sold more wheat than in any previous season to Pakistan, Saudi Arabia, Algeria, Brazil and Mexico, analysts at Russian rail operator Rusagrotrans said in a note. Russia also resumed wheat supplies to Iraq after a 10-year pause, Rusagrotrans added.
“After much publicity about the hidden sanctions and intervention of the international community, Russian grain exports are slowly returning to normal,” the Russian Union of Grain Exporters trade group said on social media on Wednesday. Russia’s total grain exports, excluding supplies to Kazakhstan, Armenia and Belarus, are expected to reach 26 million tonnes in July-December, up 10% from a year ago, the association added.
Russia is on track to harvest a record grain crop of 150 million tonnes, including 100 million tonnes of wheat, in 2022. Over the entire 2022/23 July-June marketing season, however, Russia is likely to export less than its huge crop would potentially allow because of complications related to Western sanctions imposed on Moscow, some added.
Published in The Express Tribune, December 8th, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ