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The export of Russian wheat in the week ended August 10 amounted to 1.2 million tons against 1.0 million tons a year earlier, SovEcon experts calculated. The last time the numbers rose this high was in August 2021. The pace of exports continues to grow against the backdrop of high activity of exporters.
The activity of exporters in August remains a record high. As of August 15, 2023, the volume of concluded contracts for the sale of Russian wheat amounted to 5.4 million tons against 1.0 million tons a year earlier. Active sales of exporters are supported by high margins of Russian wheat.
In the near future, we can expect a decrease in sales rates against the background of a decrease in the competitiveness of Russian wheat, SovEcon experts predict. The spread between Russian and French wheat decreased from $51 at the end of July to $7 by mid-August.
SovEcon estimates wheat exports in August at 4.8-5.1 million tons against 3.5 million tons a year earlier. Export of wheat in the current season is estimated at 48.1 million tons.
Short-term active sales will support demand from exporters and ruble quotes, including in the South. However, in the long term, the role of this factor will decrease.
