Russia Wheat Export Falls

Turkey was the largest importer of wheat from Russia, with 2.9 million mt of wheat purchased so far in marketing year 2021-22. Egypt purchased 1.5 million mt wheat from Russia, while Saudi Arabia imported 700,000 mt.

S&P Global Platts Analytics had reduced its estimate for Russian wheat exports in marketing year 2021-22 to 36.5 million mt from its previous projection of 38.6 million mt. According to data from the US Department of Agriculture, Russia had shipped out 38.5 million mt of wheat in marketing year 2020-21.

The pace of Russian wheat exports has been slowing over the last few weeks due to rising taxes on wheat exports, traders said.

In August, the rapid growth in wheat prices spurred an increase in the wheat export tax, which weighed on exports.

Turkey was the largest importer of wheat from Russia, with 2.9 million mt of wheat purchased so far in marketing year 2021-22. Egypt purchased 1.5 million mt wheat from Russia, while Saudi Arabia imported 700,000 mt.