According to Customs Service, in July-November of 2021/22 MY Russia exported 18.2 mln tonnes of wheat (including deliveries to the Customs Union countries), down 13% y/y. Iran, Turkey, Egypt, Nigeria and Azerbaijan remained the key importers of Russian wheat with the common share of the overall export at 66%.
Besides, Russia raised significantly export of wheat to Kazakhstan and Saudi Arabia. In July-November, Kazakhstan increased purchases of Russian wheat by 90% y/y to 568.9 thsd tonnes due to lower domestic production in 2021 estimated by APK-Inform at 12.9 mln tonnes, down 10% y/y.
Russia supplied 594.5 thsd tonnes of wheat to Saudi Arabia in July-November, up 10 times y/y and up 5 times compared to the result of full 2020/21 MY (123.5 thsd tonnes). The USDA forecasts Saudi Arabia’s wheat import at 3.5 mln tonnes in 2021/22 MY, up 24% y/y. Carry-over stocks were estimated at 2.7 mln tonnes at the start of 2021/22 MY, down 13% y/y, while the consumption was set at 3.6 mln tonnes, up 3% y/y.
Thus, Russian wheat has covered 81% of Kazakh wheat import potential and 17% of Saudi Arabian import potential so far in 2021/22 MY.
