SovEcon: Russia may double wheat exports in March to 4.2 mln tns

MOSCOW, Mar 15 (PRIME) -- Russia may export 4.2 million tonnes of wheat in March doubling the supplies as compared with March 2022, agricultural research agency SovEcon said in a report late on Tuesday.

In February, Russia slowed down the exports because of bad weather in the key port of Novorossiysk, and SovEcon had to cut the February export estimate to 3.4 million tonnes from 3.7 million tonnes.

But in March, wheat exports started to pick up, and in the week from March 6 through March 12 wheat handling in the ports rose to 1 million tonnes, the highest since December 2022, from 800,000 tonnes in the previous week, the agency said.

Russia continues ramping up wheat exports supported by a record wheat stock, and demand from exporters should remain high, even though traders will try to lower the purchasing prices in the ports to compete with suppliers from other regions, SovEcon said.

On March 9, the research center of railway grain transport operator Rusagrotrans said in a corporate magazine that Russia’s wheat exports may amount to 4.35 million tonnes in March beating the record of March 2018.

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