Russian Wheat Exports Rebound in September Amid Port Closures
Russian wheat export prices have fallen to USD268 per metric ton for delivery in November FOB, down from USD274 last week. This decrease is in line with global markets and is attributed to the redirection of shipments to Vysotsk and Ust-Luga terminals due to the closure of southern Russian ports.
The closure of ports in the Azov-Black Sea basin has caused a significant reduction in wheat exports, but analysts are revising their estimates for September shipments upwards. IKAR estimated that Russia had exported over 2.0 million tons of wheat in September, while SovEcon and Rusagrotrans have raised their forecasts to 2.1 million and 2.2 million tons respectively.
Despite the increase in exports, overall wheat exports for the first three months of the 2026/27 season are estimated at 5.4 million tons, a 53% decrease compared to last year and 58% below the five-year average. This may be the lowest quarterly figure since the 2010/11 season.