Russia's wheat exports to exceed half of harvest for first time this season, reach 52 mln tonnes - Institute for Agricultural Market Studies

MOSCOW. April 19 (Interfax) - Russia's wheat exports will reach a record high in the 2023-2024 agricultural year and exceed half of last year's harvest, the Institute for Agricultural Market Studies (IKAR) said.

"There will be a record for wheat exports this season. Exports will exceed 50% [of the harvested crop] for the first time and reach approximately 56% of total production. Here, of course, there are reserves. Nevertheless, this will be the first time in the history of our observations," IKAR CEO Dmitry Rylko said on Friday at the ProStarch 2024: Market Trends for Advanced Grain Processing international conference in Moscow.

Rylko in a presentation said that wheat exports would total 52 million tonnes with a harvest of 92.8 million tonnes this agricultural year from July 2023 to June 2024. In the previous agricultural year, 48.1 million tonnes were exported with a harvest of 104.2 million tonnes.

The trend of exports exceeding half of the harvest will continue in the new season. According to IKAR's forecast, wheat exports will also total 52 million tonnes with a harvest of 93 million tonnes in the 2024-2025 agricultural year.

Rylko said that Russia's share in the global wheat market would reach 25% this season.

Grain exports in general, according to IKAR's forecast, could total 70.3 million tonnes this agricultural year compared to 62.2 million tonnes the previous year, and are forecast to total 68 million tonnes in the 2024-2025 season.