35-40 lakh tonnes of wheat exports from Russia estimated during the current month
14-Jun-2024 02:06 PM
Moscow. A leading agricultural consultancy firm has estimated that wheat exports from Russia will rise to a peak level of 35-40 lakh tonnes during the current month (June). It is known that June is the last month of the marketing season of 2023-24 there,
while the new marketing season of 2024-25 will start from next month (July). On one hand, in view of the new production, Russian farmers are trying to sell their old stock of wheat as soon as possible and on the other hand, its demand in major importing countries also remains strong.
In June last year, 36 lakh tonnes of wheat was exported from Russia, whereas its five-year average figure is only 16 lakh tonnes. Russian exporters are showing tremendous activity in wheat export shipments.
Turkey, a leading importing country, is going to impose a temporary ban on wheat imports from June 22, so its buyers are trying to import it in large quantities, due to which wheat exports from Russia are expected to reach a new record level in June.
Due to the rise in prices in the global market during the last one month, Russian exporters are getting a good opportunity to increase wheat exports.
On May 1, the futures price of wheat for September delivery in the Matif Exchange jumped 14 percent to 259 euros (281 dollars) per ton.
Due to the rise in the futures price of wheat in the commodity exchanges of western countries, the price difference between French wheat and Russian wheat increased.
The price of French wheat rose by about 25 dollars per ton as compared to Russian wheat, due to which the interest of foreign importers in purchasing Russian wheat naturally increased.
Due to good buying by exporters, the price of wheat has started improving in the domestic sector of Russia. In May, the price of wheat with 12.5 percent protein rose by 3225 rubles to reach 14,125 rubles per tonne. Ruble is the name of Russia's currency. But the situation changed somewhat in June.
The wheat futures price on the Matif Exchange for June 3 to 12 fell by 7 percent to 240 euros (259 dollars) per tonne.