Russia keeps March wheat exports at last year's levels of 4.7 mln tonnes - Rusagrotrans

MOSCOW. April 9 (Interfax) - The latest data show that Russia exported 4.7 million tonnes of wheat in March, which is the same figure as in March of 2023, and pricing is strengthening, the Rusagrotrans analytical center told Interfax.

A similar figure of 4.6 million tonnes might be achieved in April, the analysts said. Russia exported 4.55 million tonnes of wheat in April of last year.

Export prices for Russian wheat (protein 12.5%) shipping in April-May strengthened by $2 during the week to $210 per tonne (FOB), but remain at a competitive level, despite lower prices from other exporting countries, Rusagrotrans said.

Prices for wheat (grade 4, 12.5% protein) in deep-water ports increased 50-100 rubles during the week, to 13,200-13,500 rubles per tonne (excluding VAT), while remaining at 11,900 rubles per tonne in shallow water ports. These figures are almost identical to last year's 13,350 rubles and 12,150 rubles, respectively.

"Following the rise in prices in ports in the last two weeks, the domestic wheat market has strengthened significantly in the southern regions. In Siberia, it continues to weaken, as activity is low due to the onset of poor spring road conditions," the analysts said. Therefore, prices for class 4 wheat (12.5% protein, EXW elevator) have increased to 11,400-11,800 rubles per tonne (excluding VAT) in the south, and 9,100-9,600 rubles in the Volga region. In Siberia, demand prices have decreased 350 rubles per tonne on average.

Rusagrotrans also said that wheat exports from Russia, including to EAEU countries, reached 40.85 million tonnes in the July-March 2023/2024 agricultural season, which is 11% more than the record 36.65 million tonnes exported last season. Meanwhile, Egypt is ahead of Turkey in the ranking of importers of Russian wheat for the first time since the beginning of the season. This is due to active procurement at GASC (Egypt's state procurement agency) tenders. In total, Russia exported 5.9 million tonnes of wheat to Egypt, including to private buyers, which is still less than the prior year, when 6.35 million tonnes were exported.

Turkey is in second place, and the gap in shipments continues to widen versus last year. Exports totaled 5.5 million tonnes compared to 6.3 million tonnes for the same period of the last agricultural year. This is due to Turkey's record harvest last year and the high reserves that have formed to date, the analysts said. Including processed products, Turkey will actually become a net exporter of wheat in the current season, especially durum wheat, the analysts said.

Third in the top 3 is Bangladesh, to whom nearly 3 million tonnes of wheat were exported in July-March, a 2.5-fold increase versus last season's 1.2 million tonnes. Shipments to Bangladesh increased amid a decline in exports from Canada and Ukraine, Rusagrotrans said.