Russia is expected to export 4.2 million metric tons (MMT) of wheat in March, SovEcon experts have estimated. This figure is expected to double last year’s exports for the same month. Russia is increasing its exports, which dropped in February due to bad weather.
Last week, exports of Russian wheat from the ports increased to 1.0 MMT from 0.7 MMT the previous week, marking the highest volume since December 2022.
Exports slowed in February due to storms in Novorossiysk, a key export port in Russia. SovEcon lowered its February estimate of wheat exports from Russia to 3.4 MMT from 3.7 MMT at the beginning of the month, citing the bad weather.
Despite the temporary decrease in export rates, Russia is continuing to rapidly export wheat for the second half of the season, supported by record stocks. Rosstat estimates on-farm Russian wheat stocks at 19.8 MMT as of February 1, which is 78% higher than the five-year average.
Active wheat exports from Russia will continue to put pressure on global market prices.
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