MOSCOW: Turkiye resumed purchases of Russian wheat this year after lifting import restrictions in March, new data released on Wednesday showed, and within the space of a month became the third-largest importer.
Data from Rusagrotrans rail carrier analysts indicated Turkiye imported 2.5 million metric tons of wheat so far this season, placing it below only Egypt, the biggest importer with 7.6 million tons, and Bangladesh with 2.6 million tons this season.
Last year, Turkiye restricted wheat imports to protect farmers from falling prices after a good harvest. However, it permitted tariff-free wheat imports under a flour export scheme starting March 19.
The data also showed that Iran, which had a good harvest last year, resumed imports of Russian wheat after a four-month pause, purchasing 144,000 tons in March.
Iran’s Government Trading Corporation (GTC) is believed to have purchased around 500,000 tons of wheat in March, mainly sourced from Russia, traders told Reuters.
Wheat rebounds on lower Russian export forecast; corn, soybeans rise
According to the data, Saudi Arabia, the fourth-largest buyer of Russian wheat last season, has dropped out of the list of the five biggest importers, along with Iran so far this season.
They were replaced by Algeria with 1.7 million tons and Kenya with 1.4 million tons.
Analysts said Russia’s share of the global wheat market is set to fall to 22% this season from 28% last season, partly due to an increase in exports from Argentina and the United States.
They estimated Russia’s wheat exports will decrease to 40.8 million tons from a record 55.5 million tons last season, but still forecast Russia will maintain its position as the world’s leading wheat exporter.
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