Russia: Russia still looking at big wheat exports

Despite Russia’s recently introduced restrictions on wheat exports for the remainder of the 2014/15 season, the country is still heading towards higher wheat exports than last season. Russian agricultural consultancy SovEcon has indicated that it expects full season wheat exports to reach over 21Mt in 2014/15, compared with 18.3Mt last season and a near record.

Between July to January, Russia exported 18.5Mt of wheat (12.6Mt in 2013/14); consequently, over 2Mt of wheat is still expected to be exported during the period February to June, as traders are bound to fulfil previous agreed contracts.

Russia kick started the season with an exceptionally fast pace of exports, which is expected to offset the slowdown in wheat shipments for the rest of the season. In addition, January 2015 saw the highest volume of wheat exported on record for January, as traders reportedly raced to ship in advance of the introduction of the export tax.

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