Source: Oleoscope (Russia)
Russia wheat export triples March compared to the same period last year. Specifically, this occurs amid the war in Iran. Consequently, importers accelerate grain purchases amid geopolitical instability. They aim to avoid potential shortages. ProFinance.Ru reports this citing Elena Tyurina. She serves as Director of the Analytical Department of the Russian Grain Union (RGU).
Russia Wheat Export Triples March: Detailed Figures
This trend reflects strong market activity. From March 1 to 20, the country exported 3.5 million tonnes of grain. Moreover, wheat shipments accounted for 3.1 million tonnes of this total.
“The current surge in exports suggests that total grain shipments in March could exceed the five-year average and approach the record high for March, recorded in the 2022/23 agricultural season – 6.2 million tonnes,” the analyst notes.
Harvest and Export Forecasts Raised
Consulting firm SovEcon also raised its forecast. Specifically, they increased the forecast for Russia’s wheat harvest in the 2026/27 season. They raised it by 1.7 million tonnes to 87.6 million tonnes. This reflects favorable conditions and improved yields. Furthermore, they raised the export forecast for the upcoming season to 43.8 million tonnes.
Analysts expect the winter crop harvest to reach 64.6 million tonnes. This is higher than the 62.9 million tonnes forecast a month earlier. Meanwhile, the spring wheat harvest remains at 23 million tonnes.
Middle East Conflict Price Impact
Earlier, it was reported that amid the escalating conflict in the Middle East, the price of Russian wheat rose to a seven-month high.
