Russian grain exports are projected to reach 65 million metric tons in the current 2023/24 season, compared to 60 million tons in the last marketing season. The Russian Federation does not publish official export statistics.
IKAR analysts estimate wheat exports this season at around 52 million tonnes and SovEcon at 48.6 million tonnes.
“So far, despite problems with settlement, insurance and trade financing, grain exports are progressing at a good pace,” Zernin said. He said that to date, about 47 million tonnes of grain has been exported from Russia, including about 36 million tonnes of wheat.
Russia's main grain markets are Turkey, Egypt and Iran but it has also promoted exports to Algeria, Indonesia, Bangladesh.
“Russian grain markets now look more diverse than before the geopolitical crisis,” Zernin said.
“To compensate for the disappearance of international intermediaries from our supply chains, we focused on grain diplomacy, developing direct contacts with the world's largest importers of wheat and other grains,” he said.
“The results were not long in coming”.
