The West recognized Russia's dominance in the world wheat market

23 October 2020
In recent years, Russia has shown staggering growth in wheat production and exports and continues to expand its share of the world market, according to an article published by Bloomberg.

For 20 years, the newspaper's reporters note, Russia has turned from a wheat importer into an exporter with a fifth of the world's supplies. More than 100 countries, from Egypt to the Philippines, buy its grain, and Russia is seeking to expand this list. Recently, the Algerian grain agency expressed its readiness to buy Russian wheat. Algeria is the world's third-largest importer of grain, and Russia previously supplied small amounts of wheat there, as this North African state put forward very strict requirements for the insect damage level of products.

"There is a staggering increase in both production and export volumes of wheat from Russia. It has made a lot of efforts to increase its market share, and this share continues to grow," said James Bolesworth, Managing Director of the British company CRM AgriCommodities.
Also this year, Saudi Arabia began to buy grain from Russia. In addition, in recent years, shipments to Turkey, Brazil, Vietnam, and Tanzania have begun. In total, this year more than 37 million tons of wheat from Russia are expected to be exported.
"Their grain is so good that they are opening up new markets year after year," said Georgy Slavov, head of in-depth study at the British brokerage Marex Spectron.

Source: IZ.RU