29/05/2024

The International Grain Council has raised its forecast for Russian wheat exports following the results of this agricultural season. As a result, the country will occupy almost 26% of the global market for the first time.

So, now the organization expects that in the current agricultural year Russia will export more than 53 million tons of wheat against the April forecast of more than 52 million tons. This will be the highest volume of exports in modern history and will be almost 10% more than last year's figure.

Russia's share in global wheat exports may rise to a record of about 26%. The previous maximum was in the 2017-2018 agricultural year with a share of 23.4%, and last year it was about 23.2%. Global wheat exports will reach about 205 million tons against about 207 million a year earlier.

On March 20, Vladimir Putin announced that Russia is the leader in wheat exports in the world at a meeting with trusted officials. He noted that the industry is becoming more and more technologically advanced, and earlier "no one could have imagined that the export of agricultural products would be many times higher than the export of weapons."

Recall that the International Grain Council is an intergovernmental organization whose goal is to deepen international cooperation in the field of grain trade, as well as market stability and world food security. Russia is a member of the organization.