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Russia, for the First Time this Season, Exports More than Half of its Wheat Crop


Published Date: May 02, 2024
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According to projections by the Institute for Agricultural Market Conjuncture (IKAR), wheat exports from Russia this season will set a record and surpass half of the output from the previous year for the first time. "Wheat exports will set a record this season." Exports will surpass 50% (of the cultivated crop) and approximate 56% of the overall yield for the first time. Naturally, the stocks also happen to be "sitting" in this instance. 

Still, though. In the history of the organisation's observations, this will be a first, according to Director General Dmitry Rylko of (IKAR). In July 2023–June 2024, he will export 52 million tons of wheat, according to his presentation, with a yield of 92.8 million tons. 48.1 million tons of the preceding crop year's crops were exported with a harvest of 104.2 million tons.

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Russia's Share of Global Wheat Market Expected to Rise

The upcoming season will see a continuation of the current pattern of exports surpassing half of the produce. In 2024–2025, 52 million tons of wheat will be shipped overseas, while 93 million tons will be harvested, according to the ICAR's prediction. Rylko predicts that Russia will account for 25% of the global wheat market this season. IKAR's prediction indicates that grain exports might potentially reach 70.3 million tons this crop year, up from 62.2 million tons the previous year. A forecast of 68 million tons is made for the 2024–2025 season.

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