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Reducing the duty on wheat exports from the Russian Federation by 5.3% from January 17
agricultural products

Reducing the duty on wheat exports from the Russian Federation by 5.3% from January 17

Deliveries of Russian wheat with export prices have increased due to active demand from importers. Egypt has increased its purchases, buying 540,000 tons of wheat. American and French wheat have also become more expensive. The volume of wheat exports from Russia in the current season accounts for 60% of the total purchase volume. Analysts expect exports to reach 50 million tons of wheat. Purchases by Bangladesh and Algeria have also increased. The geography of wheat deliveries from Russia is expanding, with Italy, Brazil, and Mexico among the importing countries. The total number of importing countries has reached 67. The export of wheat flour will also increase.

13 January 2024 13 January 2024

Supplies of Russian wheat with export prices for December 2023 - January 2024 increased by $3 per ton over the week, reaching $240 per ton fob. The reason for the rise in prices is active demand from importers, as reported by field.rf with reference to data from the Rusagrotrans analytical center. Analysts also noted an increase in the cost of wheat from other countries. For example, American wheat rose in price by $33 per ton, to $273 per ton, and French wheat by $3 per ton, to $250 per ton.

Egypt increased its purchases by purchasing 540 thousand tons of Russian wheat at prices of $255 and $265 per ton fob with payment deferred for 270 days. Egypt's state-owned company GASC has already purchased 2.11 million tons of wheat from Russia for delivery this season (accounting for 60% of total purchases).

According to November forecasts from the Rusagrotrans analytical center, Russia will be able to export up to 50 million tons of wheat this season. Analysts believe that the grain export quota of 24 million tons established by the Ministry of Agriculture from February 15 to July 2024 will be sufficient to realize the export potential.

Rusagrotrans also clarified that wheat exports from Russia in the period from July to November 2023 remained at a record high level, despite the autumn bad weather, and amounted to 23.6 million tons. The previous record was recorded in 2020: then, over the same period, 22.4 million tons of wheat were exported, experts say.

According to analysts, there was a sharp increase in wheat purchases from Bangladesh - by 1 million tons, to 1.69 million tons. Also, exports to Algeria increased 1.7 times - to 1.36 million tons.

In addition, the geography of wheat supplies from Russia continues to expand. In particular, a record 0.5 million tonnes of mostly durum wheat were exported to Italy, up from 0.2 million tonnes for the entire 2022/2023 season. Also, supplies to a number of countries in the Americas and the Pacific region increased significantly or were resumed: for example, deliveries to Brazil amounted to 0.5 million tons, to Mexico - 0.44 million tons (0.7 million tons each last season), and after After a three-year break, shipments began to Malaysia and, for the first time in four seasons, to Venezuela.

The number of countries to which Russia supplies wheat has reached 67 this season, compared to 57 a year ago. Exports of wheat flour in terms of grain can reach 1.6 million tons, compared to 1.1 million tons last season, Rusagrotrans notes.

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