OREANDA-NEWS  In January and February 2023, the volume of wheat supplies from Russia almost doubled compared to the same period in 2022. The figure was 6.1 million tons. This is reported by Bloomberg with reference to the logistics company Logistic OS.

According to the agency, due to the large harvest last year, the cost of Russian wheat turned out to be quite low, which attracted buyers. At the same time, sales began later than usual — by the end of 2022, when Russian grain regained "its competitive advantages."

As Bloomberg notes, the trend means that shippers have probably overcome the problems with financing and insurance related to anti-Russian sanctions. According to Bloomberg, Russia has shipped 29.5 million tons of wheat this season, compared with 26.7 million tons a year earlier.

On February 15, export quotas for grain began to operate in Russia. For the period up to June 30, 2023, they are set at 25.5 million tons. According to the Ministry of Agriculture, taking into account this factor, as well as the price advantage of Russian grain, wheat exports in the 2022/23 season are expected to reach 55-60 million tons.

By increasing exports, the authorities expect to contain the problems caused by an excess of products on the domestic market in the conditions of the Ministry of Agriculture's refusal to purchase grain from the market to the intervention fund.