Russian Wheat Exports Disappoint as Sales Slow on Low Price
- Level of shipments seen as low, given nation’s record crop
- Egypt’s fungus policy caused prices, shipments to fall
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Russian wheat exports haven’t lived up to expectations so far this season as falling prices made some growers reluctant to sell grain to traders amid a halt in purchases by Egypt, the world’s largest buyer.
Outbound shipments in the three months since the campaign started in July will probably total 9 million metric tons, down 8 percent from two seasons earlier, Moscow-based SovEcon said in an e-mailed report. That’s a “relatively low” number as Russia, the biggest wheat exporter, is this year harvesting a record crop.