Russia's wheat exports seen down in new season, says Sovecon
- Russia competes with the European Union (EU) for the rank of the world's largest wheat exporter. Egypt, Turkey and Bangladesh are the largest buyers of its wheat.
- Russian exports will decline because of a smaller wheat crop, which Sovecon expects to reach 80.9 million tonnes, down from 85.9 million tonnes in 2020, it said in a note.
MOSCOW: Russian agriculture consultancy Sovecon on Tuesday said it expects Russian wheat exports to decline to 36.6 million tonnes in the 2021/22 marketing season, which starts on July 1, from 37.7 million tonnes in the current season.
Russia competes with the European Union (EU) for the rank of the world's largest wheat exporter. Egypt, Turkey and Bangladesh are the largest buyers of its wheat.
Russian exports will decline because of a smaller wheat crop, which Sovecon expects to reach 80.9 million tonnes, down from 85.9 million tonnes in 2020, it said in a note.
Domestic consumption, meanwhile, is expected to rise because of growth in the livestock sector, Sovecon added.
Russia also faces tougher competition from the EU and Ukraine, which are expected to produce bigger harvests than last year, Sovecon said.
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