Russia Dominates Wheat Market as Soggy Fields Push Out France

Russia has supplanted the U.S. as the top exporter of the grain and won the lion’s share of the wheat purchased in the first two tenders this season by Egypt, which buys huge amounts of wheat to provide citizens with cheap bread. Traders haven’t even bothered offering grain from France, which is struggling with concerns over poor quality after heavy flooding this year.

While it’s normal for countries near the Black Sea, including Ukraine and Romania, to take the lead at the start of the season and French sales to pick up later, Russia has a low-price advantage that is fueling the surge in its market share. The weak ruble, prime weather conditions and more investment are accelerating a generation-long rebound of agriculture in Russia and unseating American farmers who were the world’s biggest wheat sellers for more than five decades.