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USDA: RUSSIA FORECAST TO BECOME THE WORLD'S TOP WHEAT EXPORTER IN 2016/17
Sep. 8, 2016
Source: USDA news release
In 2016/17 (July-June marketing year), virtually all major wheat-exporting countries in the world (United States, Australia, Canada, Russia, Ukraine, and Kazakhstan) have been enjoying near perfect weather conditions, and most are likely to have record or near-record wheat output this year.
Among them, Russia is expected to have by far the largest wheat harvest in its history, despite having a much smaller area devoted to wheat than it did during its historical highs in the 1960s and 70s.
One big exception to this upbeat wheat production outlook is the western part of the European continent where poor weather has undermined the quality and quantity of the wheat harvest this year.
Record wheat output in Russia combined with its price-competitiveness-Black Sea wheat is currently by far the cheapest in the world-is expected to propel Russia to become the world's top wheat exporter this year at 30 million tons, unseating the European Union, which became the world leader in 2013/14.
While this year's developments are driven in part by a poor EU wheat harvest, Russia has been gaining wheat export share for several years, alongside the EU, its main competitor and the top exporter over the previous three years.
The gains by Russia and the EU in the global wheat market come mainly at the expense of the United States, whose share of world wheat trade is trending lower.
This chart is based on the August 2016 Wheat Outlook report, using information from the Production, Supply, and Distribution database of USDA's Foreign Agricultural Service.
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