Russian Ag Ministry Lowers Production, Export Forecasts

July 18, 2012 03:00 AM

(From Pro Farmer's "First Thing Today.")

Earlier this week, Russia's ag minister said there was no need to reduce the country's production or export forecasts despite adverse weather faced by crops this year. But an ag ministry update today puts grain output at 80 MMT to 85 MMT versus the ag minister's 85 MMT forecast and also cut the export outlook to 16 MMT from a range of 18 MMT to 20 MMT indicated by the ag minister earlier this week. Meanwhile, Russia's deputy prime minister says there is no reason for the country to ban grain exports.

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