SaskWheat’s latest outlook says Russia is dominating world wheat market

The latest SaskWheat market outlook says Russia continues to dominate wheat sales this winter following a huge harvest.

Market analyst Michael Wilton says Russia completed a huge sale of wheat to Egypt last week, over 500 thousand metric tons.

Wilton says the Russian sale price was 30 dollars a ton lower than a bid from France.

He says Russia continues to sell commodities like wheat to finance its war in Ukraine, with a discount of 30 to 60 dollars a ton compared to U.S. values.

He says Russia harvested a wheat crop estimated at 100 million tons, but this year the outlook is for an 87 million ton crop due to dryness and frost.

Wilton says Canadian wheat exports remain at a brisk pace, but have slowed a bit this winter.

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