Russia ships rare wheat cargo to Spain while overall exports stable

Russia's wheat export pace remained stable for the week ending June 14, partly supported by tenders, with a rare wheat cargo noted heading to Spain, Black Sea port line-up data showed on Thursday.

A wheat cargo dubbed Agia Filothei carrying 34,532 mt of wheat was shown loaded in Kavkaz before heading to Spain, pushing the total wheat exported to that destination in 2022/23 to 93,610 mt, the highest level on record since 2018/19.

While not confirmed, trade sources estimated that the cargo might have a protein value of 15.3% or higher, as feed and milling wheat are currently subject to significant EU import taxes.

During the week an additional 633,199 mt left the Russian ports, with the lion’s share headed to Egypt (189,200 mt), 112,422 mt to Turkey, and 59,000 mt for Algeria, partly from recent tenders.

Brazil also continued to import wheat from Russia and a total of 58,722 mt amid production issues in neighboring Argentina.

61,000 mt left for Syria, 53,215 mt for Israel, 46,267 mt for Kenya, and 15,733 mt for Uganda.

Trade overall continued to be slow on a combination of low demand and uncertainty over the regulation of wheat prices in Russia.

Total wheat exports, including via rail, truck and shipped from Azov sea ports have already reached 43 million mt, while the official export estimate for 2022/23 stands at 45 million mt.