The world's grain trade body predicts Russia will corner a quarter of the global market for wheat and other cereals this year.
The IGC now expects Russia to export 53.1 million tons of wheat in the current agricultural year, compared to its April forecast of 52.1 million tons.
This will be the highest export volume in modern history and will be almost 10 percent more than the 2023 figure.
As a result, Russia’s share of world wheat exports could rise to a record 25.8 percent. The previous high was recorded in the 2017-2018 agricultural year, with a share of 23.4 percent, while the last year’s share stood at about 23.2 percent.
In 2024, global wheat exports will reach 205.7 million tons, compared to 207.4 million in 2023. Significant increases in Russian and Argentine exports (5.9 million tons growth) are offset by decreases from Australia (by 11.2 million tons), Canada (by 2.4 million tons) and the United States (by 1.3 million tons).