Expert: there will be enough grain on global market this season

The United States predicts that, this season, Russia – being the most important exporter of agricultural raw materials – will be able to supply 54m tonnes of wheat to the world market. The EU is its closest competitor, and its export potential stands at 37m tonnes. In his talk with sb.by, Mikhail Kovalev, Doctor of Physical and Mathematical Sciences and Professor at the Belarusian State University’s Department of Analytical Economics and Econometrics, explained whether these volumes can balance international markets and help cut grain prices in the world, given certain crop losses in the Russian Federation in the 2023-2024 season.

“I think that, despite some drought, the Russian Federation will supply more grain to the world market this year. In addition, over the past six months, it has exported large quantities of last year's grain harvests, so there will be no special problems with this. Do not forget that Egypt, China, Indonesia and other states need Russian wheat, and corn is now bought mostly for livestock feed,” the expert noted.

According to Mr. Kovalev, Belarus is likely to avoid large-volume purchases of grain. “There will be enough of domestically-grown grain, but – as always – the republic will import rice and durum wheat,” he said.