Bloomberg: Record Harvest Strengthens Russia’s Leadership In Global Wheat Market

For the second year in a row, Russia turned out to be the world leader in wheat exports. This has been reported by the American agency Bloomberg. Russia’s record grain harvest for the second year in a row further strengthened its position as a leading wheat exporter on world markets. According to the American news agency, “Russia is currently the number one exporter of wheat and has no competitors in the world.”
After collecting in 2022 approximately 154 million tons of grain in net weight, of which 104.4 million tons were wheat, this year the harvest should be at least 130 million tons, of which 60 million tons will be exported.
In addition, Russian traders have learned to overcome the financial and logistical difficulties that arose after the start of the special operation in Ukraine.
“Russian wheat does not have many competitors. Moscow determines the price on the market,” says an expert from Strategy Grains Helen Duflo.
Bloomberg previously warned that low harvest volumes in Ukraine and several European countries could lead to a global shortage of high-quality milling wheat. According to UkrAgroConsult analysts, only 35-40 percent of the wheat harvested in Ukraine this year will be of high quality, the lowest figure in the last decade.
According to Bloomberg, record supplies from Russia contributed to the fall in wheat prices to their lowest levels in almost three years.