For the first half of 2022/23 MY, Russia exported 22.7 mln tonnes of wheat, and for the entire season this indicator may amount to 44.3 mln tonnes, analytical center SovEcon said on January 26.
"For the first six months of the 2022/23 season, Russia exported 22.7 mln tonnes of wheat, up by 0.2 mln tonnes y/y. The export pace in the last months of 2022, which was higher than average, allowed exporters to compensate for a sluggish start to the season", – the analysts noted.
They also recalled that monthly export of Russian grain lagged behind the average pace in July-September 2022 "due to an expensive ruble, high taxes and freight rates". Starting from October, the export "began to overtake the average indicators, and Russian wheat regained its competitiveness compared to offers from the European Union".
In particular, there was a significant acceleration of the supply to Algeria, which has been among the top three buyers of Russian wheat in recent months according to SovEcon. Russia shipped more wheat to Algeria in July-December 2022/23 MY than in all other export seasons.
The Ministry of Agriculture of Russia has not yet changed its wheat export forecast for the current MY, keeping it at 39.5 mln tonnes.