After international wheat sales fell to their lowest levels since 2008, the Russian government has ordered measures to boost agricultural exports. Meanwhile, traders report that new crops are slow to arrive at Black Sea terminals.

Sovecon estimates that July wheat exports will be between 2,0 and 2.5 million tons, compared to 3,67 million tons last July. Rusagrotrans, the rail carrier, estimates that July wheat exports will be between 2.4-2.6 million tons. This is due to low carryover stocks and slow harvesting.

The government reported that Dmitry Patrushev (the Deputy Premier who oversees agriculture) told officials to "take the necessary measures as soon as possible" in order to maintain a positive export dynamic.

Vladimir Putin, the president of Russia, has instructed his government to increase exports 50% by 2030. Patrushev urged officials to make sure that exports remain on track.

Last week, Andrei Razin, deputy minister of agriculture in Russia, said that harvesting would begin later this year because of weather conditions. Crops will be harvested from an area 60% smaller than 2024.

Dmitry Rylko of IKAR, the head consultancy, said that exports will stabilize in one week, as new crop wheat will be coming to market. IKAR estimates that July wheat exports will be 2 million tons.

Rylko stated that exports for July 2025 would be the lowest since 2008, when Russia was the world's largest seller of wheat. (Reporting and writing by Gleb Brianski, with additional reporting by Gus Trompiza from Paris; editing by Guy Faulconbridge).

(source: Reuters)