Russia to Account for Quarter of Global Wheat Exports in 2023-2024, Statistics Show

MOSCOW (Sputnik) - Russia’s wheat exports for the 2023-2024 season are on track to reach an all-time high of 53.1 million tonnes, marking the first time that the country accounts for a quarter of global wheat sales, according to data released by the International Grains Council.
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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.
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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.