SovEcon raised its 2022-23 Russian wheat export forecast by 200,000 MT to 43.9 MMT as the pace of shipments has increased in the final quarter of 2022. SovEcon expects Russia to export 12.7 MMT of wheat during the current quarter, up 33% from the same period last year.
The firm expects Russian wheat exports to slow “substantially” in early 2023 as wintry weather is likely to slow activity in the Black Sea and river navigation within the country. A lack of grain cars and stronger competition from Ukraine and Australia are also expected to slow Russian wheat shipments during the first half of next year.
