Wheat Export in Russia Hiked, UN Twists Black Sea Grain Plan

On Monday, wheat rose amid higher exports in Russia due to a continuous flow of demands from domestic exporters.

US wheat futures for March delivery went up by 0.45% to $725.00 per metric ton on January 23’s Asian afternoon session. However, an increase in Black Sea grain shipments and a more robust Australian crop caused global benchmarks to go lower.

Prices for Russian wheat with 12.50% protein content from Black Sea ports increased by $1.00 in the previous week. Currently, it costs $306.00 per ton.

According to analysts, wheat from Russia is exporting relatively quickly this month. Also, Algeria purchased around 570,000 to 600,000 tons, mainly from Moscow.

On Saturday, the Kremlin argued that data from the United Nations (UN) executive body distorted facts on Black Sea grain initiatives.

The Russian Foreign Ministry stated a recent bulletin by the UN Secretariat, which emphasized wheat exports significantly. It said that an alleged 64.00% of the shipments were sent to developing economies. However, it was mentioned that only 551,527 tons, or about 3.00% of them, were delivered to needy countries. Also, 2.90 million tons, or only 16.00%, were exported to below-average income nations.

It added that the current situation shows threats of global hunger masks that they service commercial contract beneficiaries. This also attempts to twist the facts about the acute needs of African, Asian, and Latin American countries.

Russia Strengthens Wheat Exports to Egypt

Damietta, an Egyptian port, received a Bulker Carrier from Russia, which carried 42,000 tons of wheat from the Supply Commodities Authority. It is part of Egypt’s efforts to meet its wheat needs and the availability of other commodities. They even prepare for the port facilities to receive crop tankers.

Despite the New Year holidays, Moscow still managed to ship grain for exports to various parts of the world. On top of its list is Egypt, where shipments increased from January 01 to January 08.

Moreover, the Kremlin plans to sell wheat to Cairo in exchange for their local currency, Russian rubles, as a substitute for US dollars.

According to Russian Deputy Prime Minister Victoria Abramchenko, the central bank is currently negotiating with other countries’ regulators about the mechanism of the mutual agreements.