Russia’s Battle Against Inflation Erodes Its Wheat Dominance
- Nation’s share of sales in Egypt tenders is at seven-year low
- Crop cuts, export restrictions curb appeal of Russian wheat
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Russia’s worsening crop prospects and President Vladimir Putin’s bid to keep a lid on inflation are derailing exports to one of the country’s most important wheat markets.
The nation’s wheat has become less competitive as the government introduced export taxes after Putin bemoaned surging local food costs, while poor weather has hurt crops. That’s seen Russian supplies account for just a fifth of tender purchases by top importer Egypt this season, the lowest level in at least seven years, data compiled by Bloomberg show.