What country dominates the world wheat market?

What country dominates the world wheat market?
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In recent years, Russia has shown staggering growth in wheat production and exports. She continues to expand her share of the world market, according to an article published on Wednesday, September 23, by Bloomberg.

In 20 recent years, the newspaper's journalists note, Russia has turned from an importer of wheat into a largest exporter of wheat in the world, securing one fifth of the world's supplies. More than 100 countries spanning from Egypt to the Philippines buy grain from Russia, and RF is looking to expand this list. Recently, the Algerian Grain Agency expressed its readiness to buy Russian wheat. Algeria is the world's third largest importer of grain, and Russia previously supplied only small amounts of wheat there, as the North African state put forward very strict requirements for the level of damage to products by insects.

Experts note a staggering increase in both production and export volumes of wheat from Russia. It has made a lot of efforts to increase its market share, and this share continues to grow. In 2020 Saudi Arabia began to buy grain from Russia. In addition, in recent years, deliveries to Turkey, Brazil, Vietnam, and Tanzania have begun. In total, this year Russia is expected to export more than 37 million tons of wheat.

The authors of the article emphasize that over the past ten years, Russia has won a significant share of the world market from the European Union and the United States. In Egypt, for example, 82% of the tenders won are from the Russian Federation, and deliveries to Algeria will deal a serious blow to France, for which this state is the largest market. However, in the coming months, according to the Agency, Russia may face more competition from Canada and Australia, where large crops are growing.

Growing incomes allowed Russian farmers to buy fertilizers and first-class equipment, which in turn increased yields and made it possible to expand grain storage capacity to better control prices.

Their grain is of such good quality that they are opening up new markets year after year, said Georgy Slavov, head of basic research at British brokerage Marex Spectron. According to him, low logistics costs have helped Russia take some part of the market traditionally supplied by the United States.

In the second week of September, export prices for Russian wheat rose to record levels this season, which began on July 1, 2020. At the end of the week, quotations for wheat with a protein level of 12.5% increased by $8 reaching $ 222 per ton.

In mid-August, Bloomberg predicted that Russia would come out on top in wheat exports. This season, the country can sell up to 34 million tons of grain.

 

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