RUSSIA EXPANDS LEAD IN WHEAT EXPORTS
Russia is projected to export a record 53 million tonnes in the current marketing year, giving it a global market share of 26%, the highest in its history, according to the latest IGC Grain Market Report. The figure is well ahead of the second largest exporter in 2023-24, the European Union, which is forecast to ship 35 million tonnes. Russia is the only country among the world’s top wheat exporters expected to increase its outgo from the previous year, with the EU, Canada, Australia and the United States all reducing shipments. Remarkably, even as Russia targets port grain facilities on the Black Sea and the Danube River, Ukraine has kept exports near its five-year average, with this year’s total expected to pass 17 million tonnes. Russia and Ukraine are projected to see decreases in wheat exports in 2024-25 due to weather-related production declines, the IGC said.
(Link: WorldGrain)
INDIAN RICE PRICES INCREASED, THAI RICE HIGHEST IN 3 MONTHS
India’s 5% broken parboiled rice is currently priced at 536-544 USD/ton, up from 531-539 USD a week ago. Demand has improved slightly, mainly from African buyers, as India is offering rice at lower prices than other countries. Thailand’s 5% broken rice was quoted at 630 USD to 635 USD/ton, compared to 632 USD – 640 USD last week – the highest level in 3 months. The reason is due to demand from Indonesia and purchasing activities of domestic companies, it said, adding that Indonesia is bidding for Thai rice.
However, prices may have dropped if buyers turned away from Thai rice due to higher prices than other origins. It is expected that prices will fluctuate for a while as the market waits for new supply. Meanwhile, Vietnam’s 5% broken rice was offered at 585-590 USD/ton, unchanged from a week ago. Rice growers in some areas of the Mekong Delta province have begun harvesting the summer-autumn crop. In Bangladesh, Agriculture Minister Abdus Shahid said the country’s rice production has increased more than four times over the past 50 years and there is no shortage of grain in the country. However, rice prices in Bangladesh remain high despite good seasons and high reserves.
(Link: Vina.net)
