Andrey Sizov
04.03.2025
According to Rosstat, as of February 1, on-farm wheat stocks (excluding small companies) totaled 13.7 mln t, 32% lower than a year ago and 7% below average. Wheat stocks have declined compared to last year due to active exports in the first half of the season.
The gap between current and previous years’ stocks continues to widen. A month ago, the gap between current and last year’s wheat stocks was 29%.
The reduction in stocks was facilitated by active exports in the first half of the season. From July to January, Russia shipped a record 30.5 MMT of wheat compared to 29.8 MMT last year and an average of 26.7 MMT.
Wheat stocks in the South, a key export region, stood at 3.1 MMT on February 1, which is half of last year’s figure. SovEcon estimates that agricultural producers in the region have sold 73% of the harvested crop. The remaining 27% is the lowest figure since the 2020/21 season.
Low stocks in key regions, particularly in the South, will act as a limiting factor for exports.
Subscribe to our newsletter to receive Black Sea analytics delivered directly to your inbox!
