Global wheat exports seen reaching record as Russia ships more

Global wheat exports will reach an all-time high as Russia, the European Union, India and Ukraine are all shipping out more than expected. 

That’s according to the U.S. Department of Agriculture’s monthly crop report out Tuesday, which showed that exports will reach 203.2 million metric tons. 

The battle for what country holds the wheat-export crown remains a close race: The USDA upped its estimate for Russia by 1 million tons due to a bigger harvest, but the EU is still poised to take the lead for now.

The U.S. is falling in the wheat export ranks, though: It’s sales will be surpassed not only by the EU and Russia, but also Ukraine and Australia. That’s largely due to high domestic prices for varieties like spring wheat, the USDA says.