Russia Set to Occupy More Than a Quarter of Global Wheat Market for the First Time

The International Grains Council (IGC) has raised its export forecasts for Russian wheat based on the results of the current agricultural season. According to РИА Новости, citing data from the council, Russia is set to occupy nearly 26% of the global grain market for the first time.

The IGC's forecast indicates that Russia expects to export 53.1 million tons of wheat this agricultural year, an increase from the April forecast of 52.1 million tons. This figure marks nearly a 10% rise compared to the previous year and surpasses all records in modern history.

As a result, Russia's share of global wheat exports could increase to a record 25.8%, compared to 23.2% last year. The previous maximum was recorded at 23.4% during the 2017/2018 agricultural year.

According to IGC forecasts, global wheat exports by the end of this season will amount to 205.7 million tons, compared to 207.4 million tons a year earlier.