Russia to export more than 43 mln tonnes of wheat in 2022/23 MY

Source

APK-Inform

7033

Russian SovEcon raised country’s wheat export forecast for 2022/23 MY by 0.2 mln tonnes to 43.1 mln tonnes.

Prior to this, SovEcon increased wheat crop forecast from 90.9 mln tonnes to 94.7 mln tonnes. At the same time, they said that the pace of export remained weak for the second month in a row, and the window for active shipments was getting narrower.

“In the second half of autumn, the river navigation will be closed, the weather will worsen in the Black and Azov seas, after that traditional New Year decline of trade will come. Probably, the export quota will be implemented in February 2023”, – SovEcon said.

However, their agency is not ready yet to cut their export expectations. They believe the export to speed up amid stronger global prices and lower prices on the ruble market. Further weakening of the ruble expected in the coming months may support the export as well.

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