«Rusagrotrans» forecasts a decline in wheat exports to 3.1 million tonnes in November

Russian wheat exports in October 2026 are estimated at 3.3 million tonnes — the highest monthly figure since the start of the season, according to a review by the analytical center «Rusagrotrans» for the period from 4 to November 10. In November, shipments are forecast at 3.15 million tonnes, about 4.5% below the October estimate.

Egypt was the largest buyer of Russian wheat since the start of the season, purchasing 1.7 million tonnes. It is followed by Nigeria with 700 thousand tonnes, and Iran, Azerbaijan and Kenya — with 600 thousand tonnes each.

On the global market, wheat prices continued to decline. Quotes were pressured by expectations of the outcome of talks between Russia, Ukraine and the US, improved winter wheat conditions in the US and strong sowing progress in France.

Over the reporting week, December wheat futures in Chicago and Kansas City fell by 2% and 1.8% respectively, hitting four-month lows. On the Paris MATIF exchange, the decline amounted to 1.2%.

An additional pressure factor was the US Department of Agriculture’s November forecast. The estimate of global wheat stocks at the end of the 2026/27 season came in significantly above market expectations, thanks to higher crop forecasts, primarily in Australia and Argentina.

In the physical market, French wheat had fallen by 6 dollars by the start of the current week, to 255 dollars per tonne; Romanian wheat by 3 dollars, to 284 dollars; and US wheat by 2 dollars, to 256 dollars. Argentine wheat fell by 6 dollars, to 231 dollars per tonne, while Australian ASW fell by 1 dollar, to 273 dollars.