USDA Forecasts Record Year for Russian Wheat Exports
Russian exports of grain and certain other agricultural commodities have been “strong” over the past year and are expected to continue flourishing despite its “claims of export challenges,” USDA’s Foreign Agricultural Service said in a May 8 report. Although global grain and oilseed markets “have been roiled” by Russia’s invasion of Ukraine, the agency said Russia is forecast to reach a record for annual wheat exports, adding that the country’s grain and oilseed exports have “thrived during the current marketing year with ample supplies and competitive prices.” Russia could be exporting even more if not for the government's self-imposed trade restrictions, such as export taxes and quotas.
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The rise in exports is partly due to a record production year for wheat, sunflower and rapeseed, USDA said, adding that wheat production has almost doubled from last year. Total Russian wheat exports are expected to hit a record 45 million tons in 2022-2023, USDA said, a 36% increase from the year before and 3.5 million tons above its previous record in 2017-2018.