The monthly Grain Market Report, published by the Spanish-based grains trade monitor on Thursday, revised the forecast for Russian wheat exports from July 2023 to June 2024 upwards by 1 million tonnes from April's 52.1 million, or by almost 10% year-on-year.
This will boost the share of Russian wheat in global exports to a record 25.8%. Russia set the previous record in 2017-2018 season, when its wheat exports accounted for 23.4% of the world's total.
Boosted by a hike in Russian and Argentine wheat exports, the world total is predicted at 205.7 million tonnes in 2023-2024, that is 1.7 million tonnes lower than in 2022-2023. The two wheat producers are forecast to jointly increase sales by 5.9 million tonnes, which is being offset by reduced exports from Australia, Canada and the United States.