Russia Becomes Leading Wheat Exporter
With its wheat exports for this year and next projected at a record 30 million tons, Russia has edged past its main competitors, the EU and the US, to become the world's top exporter of this staple crop, business magazine Expert wrote.
Russia has consistently been ramping up its wheat exports to global markets as part of the government's effort to revive the country's agriculture with the state and leading companies pouring money into the sector amid the sanctions that have cut food imports.
A weak ruble and poor crops in Germany and France have also been a factor in Russia's record wheat exports, including to countries it has never sold grain before.
Russia's entry into new grain markets is bad news for the traditional exporters in North America, Europe and Australia with importers now able to buy for less.
According to a BMI Research forecast, in the next five years Russia, Ukraine and Kazakhstan will emerge as the main suppliers of wheat to the Middle East and North Africa.