Russia exports more than half of its wheat crop for the first time this season

Wheat exports from Russia this season (2023/2024) will be a record and for the first time exceed half of last year’s harvest, the Institute for Agricultural Market Conjuncture (IKAR) forecasts.

“This season will be a record for wheat exports. For the first time, exports will exceed 50% (of the harvested crop) and reach about 56% of the total production. Here, of course, the stocks are also ‘sitting’. But still. This will be the first time in the history of our observations,” said (IKAR) Director General Dmitry Rylko.

According to his presentation, wheat exports in this crop year (July 2023-June 2024) will amount to 52 million tons with a harvest of 92.8 million tons. In the previous crop year, 48.1 million tons were exported with a harvest of 104.2 million tons.

The trend of exports exceeding half of the harvest will continue in the new season. According to the forecast of ICAR, in 2024/2025, wheat shipments abroad will also amount to 52 million tons, while its harvest will amount to 93 million tons.

According to Rylko, this season Russia’s share in the world wheat market will reach 25%.

According to the forecast of IKAR, grain exports in general may reach 70.3 million tons this agricultural year against 62.2 million tons a year earlier. The forecast for the 2024/2025 season is 68 million tons.

Tags: Russia, export, wheat, crop forecast