SovEcon raised its 2023-24 Russia wheat export forecast 900,000 MT to a record 48.1 MMT amid an increase in the production forecast and record sales at the beginning of the season. SovEcon says reduced competition from Ukraine and increased demand from northern African countries will aid Russian wheat exports. SovEcon lowered its 2023-24 total grain export forecast to 58.9 MMT amid lower projections for corn and barley.
IKAR agriculture consultancy raised its forecasts for Russia’s grain crop this year to 137 MMT, with wheat production expected to total 88 MMT, up 1.5 MMT from the previous forecast. IKAR expects Russia to export 47.5 MMT of wheat and 58.5 MMT of total grains in 2023-24. Read more from Pro Farmer.
