Russian Wheat Export Prices Rise

FILE PHOTO: A drone view shows a combine harvesting wheat in a field in the Rostov Region, Russia July 10, 2024. REUTERS/Sergey Pivovarov//File Photo
FILE PHOTO: A drone view shows a combine harvesting wheat in a field in the Rostov Region, Russia July 10, 2024. REUTERS/Sergey Pivovarov//File Photo
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Russian Wheat Export Prices Rise

FILE PHOTO: A drone view shows a combine harvesting wheat in a field in the Rostov Region, Russia July 10, 2024. REUTERS/Sergey Pivovarov//File Photo
FILE PHOTO: A drone view shows a combine harvesting wheat in a field in the Rostov Region, Russia July 10, 2024. REUTERS/Sergey Pivovarov//File Photo

Russian wheat export prices rose last week, tracking global prices, with analysts expecting weak export activity due to the upcoming long New Year holiday.

Dmitry Rylko, head of the IKAR consultancy, said the price of Russian wheat with 12.5% protein for free-on-board (FOB) delivery at the end of January was up $3 to $237 per metric ton.

The Sovecon consultancy saw prices for Russian wheat with the same protein content and delivery terms at $233 to $239 per ton, compared with $232 to $238 the previous week.

Russian FOB is expected to be mostly flat on low trade activity, the agency said in a weekly report.

Weekly grain exports were estimated at 0.83 million metric tons, including 0.78 million tons of wheat, up from 0.53 million tons of grain including 0.44 million tons of wheat the previous week as shipments recovered after storm disruptions. Sovecon has upgraded its estimates of December wheat exports by 0.1 million tons to 3.4 million tons, compared to 3.6 million tons a year ago.

IKAR estimates December wheat exports at 3.6-3.7 million tons, down from 4.4 million tons in November. Algeria is believed to have purchased 1.17 million tons of wheat this week. Some traders also expect some Russian wheat to be supplied. Egypt’s state grain buyer, Mostakbal Misr, contracted about 1.267 million tons of wheat, most of which was sourced from Russia, two sources with direct knowledge told Reuters.

Russia's IKAR agricultural consultancy said on Thursday it saw 2025/26 wheat exports down 6% to 41 million tons. Sovecon said on Monday that Russian wheat exports will fall by 17% to 36.4 million tons in the 2025/26 exporting season. Its forecast for the 2024/2025 season was revised to 43.7 million tons, from 44.1 million tons.

Russia harvested 125 million tons of grain and legumes, including 82 million tons of wheat, in clean weight, in 2024, down 13% from last year, data from statistical agency Rosstat showed on Thursday.

The wheat harvest is also down by 13%, to 82.4 million tons. Winter grains were sown over 17.6 million hectares, 1 million hectares less than in 2023. Temperatures remain above normal in all regions, Sovecon noted. The Russian state weather forecasting agency sees worsening conditions for winter cereals in January in the center of Russia and the Volga region.



Saudi Arabia, IMF, World Bank Stress Int’l Commitment to Syria’s Economic Recovery

Saudi Finance Minister Mohammed Al-Jadaan, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, and World Bank Group (WBG) President Ajay Banga are seen at Friday's meeting. (SPA)
Saudi Finance Minister Mohammed Al-Jadaan, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, and World Bank Group (WBG) President Ajay Banga are seen at Friday's meeting. (SPA)
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Saudi Arabia, IMF, World Bank Stress Int’l Commitment to Syria’s Economic Recovery

Saudi Finance Minister Mohammed Al-Jadaan, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, and World Bank Group (WBG) President Ajay Banga are seen at Friday's meeting. (SPA)
Saudi Finance Minister Mohammed Al-Jadaan, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, and World Bank Group (WBG) President Ajay Banga are seen at Friday's meeting. (SPA)

Saudi Finance Minister Mohammed Al-Jadaan, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, and World Bank Group (WBG) President Ajay Banga stressed on Friday their commitment to Syria’s economic recovery.

Meeting on the sidelines of the 2025WBG/IMF spring meetings in Washington, they co-hosted a high-level roundtable for Syria, bringing together the Syrian authorities, finance ministers, and key stakeholders from multilateral and regional financial institutions, as well as economic and development partners.

“Building on earlier discussions – including at the Paris Conference on Syria (February 13), the AlUla roundtable on February 16 and Brussels IX conference (March 17) — this event provided a platform for the Syrian authorities to present their ongoing efforts to stabilize and rebuild their country, reduce poverty, and achieve long-term economic development,” they said in a joint statement.

“There was broad recognition of the urgent challenges facing the Syrian economy and a collective commitment to support the authorities' efforts for recovery and development. Priority will be given to efforts to meet the critical needs of the Syrian people, institutional rebuilding, capacity development, policy reforms, and the development of a national economic recovery strategy,” it added.

“The IMF and WBG were called upon to play a key role in providing support in line with their mandates and reflecting shareholders' support, in close coordination with multilateral and bilateral partners,” it continued.

“We welcome the efforts to help Syria reintegrate with the international community and unlock access to resources, to support the authorities' policy efforts, address early recovery and reconstruction needs, and promote private-sector development and job creation,” read the statement. “We also support the Syrian authorities' efforts to strengthen governance and increase transparency as they build effective institutions that deliver for the people of Syria.”

“We extend our gratitude to all participants for their valuable contributions and commitment to support efforts by the Syrian authorities to rebuild Syria and improve the lives of the Syrian people,” it stressed.

The officials will convene again at the annual meetings of the IMF and WBG in October 2025 to monitor the progress achieved and harmonize global efforts in advancing Syria's economic-recovery and prosperity.