September 28, 2022
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France corners Russian wheat exports

Bloomberg media reported Thursday that Russian grain continues to flow to all its major consumers despite high shipping costs according to data.

France, Egypt, Turkey and Iran have already bought wheat from Russia for the next couple of months. Bloomberg cites the Moscow based Institute for Agricultural Market Studies director general Dmitry Rylko.

Under Russian quotas, exports from February to June are limited to 8 million tons. Shipments are forecast to slow in April and in the coming months, according to Rylko, which he attributes to the stronger ruble and high export taxes.

Russia’s military operation in Ukraine has sent global grain prices soaring, with Chicago wheat futures jumping 44% since the start of the year. That leaves import-reliant nations particularly vulnerable, with people’s resilience across the Middle East and North Africa at a “breaking point,” according to the United Nations’ World Food Programme. 

Export taxes are currently at a record high of $101.40 per ton, which means an intake for Moscow of about $3 million for every 30,000-ton shipment of wheat. On Wednesday, Egypt booked one cargo from Russia in its latest wheat tender on Wednesday, although France took the bulk of purchases. 

Source Bloomberg

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