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MUMBAI, April 11 (Commoditiescontrol): Russia is set to export between 4.2 and 4.5 million metric tons (MMT) of wheat in April, according to a SovEcon estimate. This figure is close to the record-high of 5.0 MMT achieved in April 2020, just before introducing export taxes.
Falling wheat prices in the domestic market and stabilizing export prices drive Russian wheat exports. As of April 6, the price of Russian third-grade wheat had dropped to RUB 11,475 ($140) per metric ton, the lowest price since November 27, 2020. These prices are declining due to high wheat stocks and low demand in the domestic market.
Meanwhile, export prices are stabilizing. The lowest price at the last tender by Egyptian company GASC was $275/MT. According to news agencies, the Russian Ministry of Agriculture has advised against selling wheat at a lower price than $275/MT FOB.
While active exports from Russia may deter price growth in the global markets, traders' reluctance to sell wheat at a lower price than $275/MT may support the markets.
Russia and the United States, Canada, and Australia are among the world's largest wheat exporters. Its wheat exports have been closely watched in recent years due to the country's dominance in the market and the impact of its policies on global prices.
According to analysts, low domestic prices and stabilizing export prices are likely to continue driving Russian wheat exports in the near future. However, the impact of these exports on global prices remains to be seen.
(By Commoditiescontrol Bureau; +91-9820130172)
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