SovEcon raised its 2022 Russian wheat crop forecast by 5.3 MMT to a record 100 MMT due to strong spring wheat yields across most regions. Wheat production is now expected to top the previous high by 14 MMT. SovEcon now expects total grain production to be a record 151.4 MMT.
Despite record production, SovEcon estimates July-September wheat exports at 10.2 MMT, down 14% from the five-year average, due to the strong ruble and the export tax
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