Russian wheat exports speed up amid lowest prices in Black Sea region

Egypt expected to import 366,000 tonnes by end of the month

The pace of Russian wheat exports accelerated in the week to August 3 and full-blooded loading is expected until the end of the month, as Russian wheat prices are among the lowest in the Black Sea region amid expectations of a record harvest, Fastmarkets Agriculture‘s analysis of Black Sea port line-up data showed Wednesday.

During the reporting period, wheat volumes from Russian deep-sea ports reached 440,000 tonnes, including 143,500 tonnes heading to Iran, 123,000 tonnes to Egypt, 116,500 tonnes to Turkey, 32,000 tonnes to Saudi Arabia, and 25,000 tonnes to Libya.

Furthermore, port line-up data showed around 1.3 million tonnes of Russian wheat currently under loading and listed in the line-up to depart by the end of the month.

Egypt was marked as the destination for 366,000 tonnes, with 167,200 tonnes expected to move to Saudi Arabia, 194,000 tonnes to Turkey, and 138,000 tonnes to Iran.

Alongside that, 72,000 tonnes were listed as heading to Sudan, 65,000 tonnes to Pakistan, 61,000 tonnes to Algeria, 59,000 tonnes to Israel, and 30,000 tonnes to Libya.

The data also does not list a destination for the remaining balance of just over 181,000 tonnes.

July exports

In July, according to preliminary data, Russia exported 2.8 million tonnes of wheat, which is 10.5% less than in the same period last year, the Russian Grain Union said.

Cargo transportation by truck and rail has ensured flows to the countries of the Eurasian Economic Union have continued, in particular to Kazakhstan and Belarus.

Line-ups received by Fastmarkets cover only shipments through the Black Sea and currently total 1.7 million tonnes, which is about 60% of the total cargo transportation.

For comparison, last year, Russia’s executive showed that 1.7 million tonnes were exported in July.

However, the official statistics do not show exports to sanctioned countries (such as Iran or Syria), unlike the line-up data which lists expected destinations regardless of the status of sanctions.

The results of the first month of the marketing season showed that South Africa and other central African nations have so far stopped buying Russian wheat.

Last season, Angola, Rwanda, Senegal, Nigeria, and Mozambique, among others, imported from Russia in July but took no deliveries in July this year.

There is also a downward trend in the number of wheat exporting companies; the number of exporters this year has decreased to 30, compared to 60 last year, according to Russian Grain Union.

Keep up to date with the latest grains and oilseeds news, price trends and forecasts by visiting Fastmarkets Agriculture.

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