SovEcon raised its 2023-24 Russian wheat export forecast by 2.7 MMT to a record 45.7 MMT, citing an increased production outlook and comments from Russia’s ag ministry that it plans no purchases for intervention stockpiles. The consulting firm expects an “active start” to the new-crop shipping season given “high profitability of export operations.” SovEcon does not expect the stoppage of Russian operations by some large multinational traders to have a “noticeable impact on export volumes.” Plus, the launch of the new deep-water terminal in Vysotsk (Leningrad Oblast) with a capacity of 4 MMT per year could boost Russian grain exports. Get more news and analysis from Pro Farmer, sign up for free.
SovEcon Forecasts Record Russian Wheat Exports
SovEcon raised its 2023-24 Russian wheat export forecast by 2.7 MMT.
(Lindsey Pound)
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