Russia's August Wheat Exports Set for Eight-Year Low
Russian wheat exports in August may hit their lowest since 2016/17, pressured by harvest delays, weak prices, and Black Sea security risks.
Russia's wheat exports are expected to drop sharply this month, with the Sovecon agriculture consultancy projecting shipments of just 3 to 3.4 million metric tonnes. That would mark the lowest August volume since the 2016/17 season and a significant decline from the 4.5 million tonnes exported in the same month last year.
The world's largest wheat exporter is facing multiple headwinds. Harvesting has been delayed, prices remain weak, and shipping operations are being disrupted by security concerns in the Black Sea region. These factors are collectively weighing on export activity.
Andrey Sizov, head of Sovecon, noted that the sluggish export pace is adding strain to the domestic market. "Low export rates are increasing pressure on the domestic market," he said.
Price data from Sovecon shows the trend. Last week, new-crop wheat with 12.5% protein was priced at $224 to $226 per tonne, down from $228 to $230 the previous week.
Adding to the uncertainty, Turkey issued warnings over the weekend to both Moscow and Kyiv regarding attacks in the Black Sea, urging both sides to ensure navigational safety in the area.