Russia. Agricultural exports in second half of the 2023/24 season do not slow dawn

In the current 2023/24 season, Russia has exported over 58.8 M mt of agricultural commodities via sea ports. The export rate in the second half of the season (January-April 2024) remained stable at over 6 M mt per month. Exports were not affected by relatively low grain prices and logistical problems in the Red Sea. According to rumors, the Houthis do not attack Russian or Chinese ships or their cargoes.

Traditionally, wheat is the main export commodity, with exports of about 37.9 M mt by April 2024. UkrAgroConsult expects total wheat exports at 51 M mt this season.

Top exporters. Grain Gates Company is the leader and for the first time overtook Rif, which was recently the main exporter. The share of the top 5 exporters in total exports is 52%, which is even slightly lower than in previous years, when the share of the top 5 was in the range of 55-58%.

Major players export their commodities mainly through the ports of the Azov-Black Sea basin, namely through deep-water terminals (Novorossiysk Grain Terminal, Novorossiysk Bread Products Plant, KSC, Taman Grain Terminal Complex). Share of the top 5 exporters is the largest at these terminals as it is advisable for large terminals to cooperate with large companies whose supplies are sufficient to load the capacity of a port. This makes export flowes more predictable and allows for quick transshipment of grain, reducing unforeseen risks. This explains the low proportion of small traders at large terminals. Smaller exporters focus their operations in the Azov, Baltic and Caspian Sea ports.