A complete disaster in Russia. Something like this hasn't happened in 17 years.

• According to Reuters, Russian wheat exports have fallen to their lowest level since 2008.
• In response to the deteriorating market situation, the authorities announced measures to support the foreign sales of agricultural products.
• Exporters are reporting delays in delivering new wheat to port terminals.

The IKAR (Institute for Agricultural Market Research) analytical center reported that Russian wheat exports will reach approximately two million tons in July. This is the lowest figure for this period since 2008. Exports will range from 2 to 2.5 million tons, compared to 3.67 million tons during the same period last year.

In response to this information, Deputy Prime Minister Dmitry Patrushev ordered officials to "take the necessary measures in a timely manner to ensure positive export dynamics."

Russia's Deputy Minister of Agriculture Andrei Razin said that this year's harvest started later due to weather conditions - the area harvested was as much as 60 percent smaller than in 2024, we read.

Traders note that farmers, struggling with low production profitability due to low prices on global markets and the strong ruble, are holding back on wheat sales , expecting price increases. One anonymous trader emphasized that farmers are currently fighting for every ruble.

Meanwhile, grain terminals on the Black Sea are already experiencing shortages. "Grain is arriving at ports two to three weeks behind exporters' expectations, due to harvest delays, lengthy administrative procedures, and low prices," another trader told Reuters. Some shipowners have already begun demanding demurrage fees for keeping empty vessels in port.

In 2024, Russia exported 40.8 million tons of wheat. Most of it went to:

• Egypt (8.2 million tons),
• Turkey (3.1 million tons),
• Bangladesh (2.8 million tons),
• Algeria (1.7 million tons),
• Israel (1.6 million tons).

Despite drought in some regions, Russia forecasts a 4% increase in grain harvest in 2025, reaching 135 million tons. Wheat exports are expected to increase to 45 million tons this season, up from 44 million tons last season. Optimistic forecasts point to improved production and sales in foreign markets.