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Russian wheat exports hit a seven-year high

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Interfax news agency reported on September 13 that, according to the monitoring report of Russian sovecon company, the export price of Russian wheat rose by US $2 last week, and the FOB price reached US $303 / ton, setting the highest price in recent seven years. Russian experts believe that in recent months, affected by the reduction of sowing area and the hot and dry weather in summer, the industry is generally worried that the wheat harvest is not high, which will push up the price of wheat. Sovecon reduced this year's Russian wheat harvest forecast to 75.4 million tons from the previous 84.6 million tons. High prices have a negative impact on the competitiveness of Russian wheat in the international market. Egyptian state-owned enterprise GASC recently purchased 240000 tons of Ukrainian wheat, but only 60000 tons of Russian wheat.

Source: China Agricultural Information Network