Russia exported 2.69 million tonnes of grain in October versus 2.97 million tonnes in September, the first month-on-month decline this season, and shipments are set to drop further to 1.1-1.3 million tonnes in November. Wheat exports in October totalled 2.416 million tonnes, 215,000 tonnes lower than September and 429,000 tonnes less than in the same month last year.
November wheat exports could drop to 1.0-1.2 million tonnes. Selling to the state at thrice-weekly intervention tenders is currently 20-30 percent more profitable for Russian suppliers than selling on the international market, where grain prices have fallen. The government has also raised its maximum purchase price in the tenders.
Egypt remained the main buyer of Russian wheat, with October shipments taking the total for the first four months of the season beyond 2 million tonnes. Turkey and Pakistan, however, scaled back purchases last month. Exports to Bangladesh and Syria increased, and for the third consecutive month Jordan and Tunisia bought more Russian wheat.