The United States rebounded to its longtime spot as the world’s largest wheat exporter last year, but Russia will be No. 1 by a long shot in the 2017/18 marketing year, says the monthly Grain: World Markets and Trade report. Russia is on its way to its greatest grain exports ever, “primarily driven by record wheat exports, set to exceed both the United States and the European Union,” said the USDA report.
Russia will export 35 million tonnes of wheat, followed by the EU at 27 million tonnes, the United States at 26.54 million tonnes, and Canada at 22 million tonnes, estimated the USDA. Last year, the United States was No. 1 with exports of 28.72 million tonnes, and Russia was a close second with 28.71 million tonnes. “As recently as the early 2000s, Russia was a net grain importer. In the past few years, production has expanded rapidly with higher yields, particularly for corn and wheat,” the report said.
Along with larger supplies, Russian exports have been aided by favorable exchange rates, lower prices than those available in competing nations, and comparatively short shipping distances to rapidly growing markets in the Middle East and North Africa. “Russia’s wheat sales are booming to Egypt, the top importer,” said the USDA.