Russia wants to get permission to export wheat to Turkey despite the restrictions imposed

Market participants are waiting for the meeting of the presidents of Turkey and Russia in Astana on July 3-4, as Russia is asking for an exception to the ban to be able to continue supplying its wheat to Turkey, Kronmark Turkey broker Gozde Karagoz said at the Trend & Hedge online meeting, ASAP Agri reports.

According to her, Turkey’s ban on wheat imports will affect the trade flows from Russia, as it will have to look for other markets for its wheat.

“They will try to sell more to Egypt and other North African countries, possibly also to Syria. This may also affect Ukraine, as it has a large share in these markets and will have to compete more with Russia,” Karagoz said.

According to the TurkStat Institute, in 2024/25 MY Turkey can produce 21 mln tonnes of wheat, which is 4.5% less than last year.

“So far, the quality of the 2024 Turkish wheat harvest is very good, especially in the Marmara Sea region. There are some minor quality issues in the southeastern Anatolia region, but this will not affect the overall picture,” Karagoz said.

Despite the decline in wheat production in Turkey in 2024, the harvest volume will still be high. This is combined with rather large stocks, which, according to Karagoz, are estimated at 8.1 million tons according to IGC, which is 1.5 million tons less than last year, but still much higher than average.

Local market participants believe that the ban on wheat imports will be extended until the end of 2024.

Tags: Russia, Turkey, wheat, restrictions