Wheat export from Russia may exceed 4 mln tonnes in March




Russia can export 4.2 mln tonnes of wheat in March, which will double the figure year-on-year, according to Sovekon forecast.

"Wheat shipments from ports last week increased to 1 mln tonnes compared to 0.8 mln tonnes a week earlier – this is the highest weekly volume since December 2022," the message states.

Analysts also reminded that in February the shipment of Russian wheat slowed down because of storms in Novorossiysk, the key export port. Due to bad weather, the grain deliveries in February amounted to 3.4 mln tonnes, compared to 3.7 mln tonnes in January, according to Sovekon.

"The demand for wheat from exporters will remain high. However, traders will try to lower bid prices in ports in order to compete with suppliers from other regions," the experts forecast.