The Russian wheat export forecast has been increased to 48.6 mln tonnes




Analysts have increased the forecast of Russian wheat exports in 2023/24 MY by 0.5 mln tonnes to 48.6 mln tonnes, the SovEkon center reports. Thus, the export of wheat from Russia in the new season will exceed last year's record of 46.9 mln tonnes.

Experts note that the sale of Russian wheat is record high. Thus, the volume of concluded contracts on September 4 was estimated at 5.7 mln tonnes against 0.7 mln tonnes a year earlier.

The margin of export operations remains high.

"Active sales and high exports of wheat will support ruble quotations, especially in the southern regions. At the same time, a high harvest will put pressure on prices in the short term," analysts say.

"SovEkon" estimates the wheat harvest in the Russian Federation at the level of 92.1 mln tonnes in the new season.