SovEcon raises forecast of Russian wheat export for 2021/22 MY




Analytical center SovEcon raised their forecast of Russian wheat export by 0.2 mln tonnes to 34.1 mln tonnes for 2021/22 MY on high current export pace.

“The estimation could be higher, but we have an export quota of 8 mln tonnes acting until July 2022”, – they said.

Export of Russian wheat is estimated at 2.3 mln tonnes in April, up 69% y/y but close to the average. Egypt, Iran and Turley were the key buyers of Russian wheat in April.

“The export will decline in May-June, as traders are taking off their quotas. The shipments may surge in July, when the quotas will expire. If there are no sanctions on grain exports, traders may start mass selling, as we have large stocks of old-crop grain in southern regions”, – Andrey Sizov head of SovEcon forecasts.

SovEcon seed Russian 2022/23 MY wheat export at 41 mln tonnes.