Russian wheat export forecast down




SovEcon Agency cut its forecast of Russian wheat export for 2021/22 MY by 0.3 mln tonnes to 34 mln tonnes, informed Interfax.

The downward revision is based on the lowering of wheat production forecast and the current weak export pace. The agency reduced its Russian wheat crop expectation by 0.1 mln tonnes to 75.5 mln tonnes.

The experts noted that the export of Russian wheat was moderate at the beginning of the season and started to slow down notably in October. It declined to the lowest in 5 years 3.2 mln tonnes in October, down 30% y/y.

Besides, SovEcon Agency cut the forecast of Russian grain production by 0.7 mln tonnes to 119.4 mln tonnes. The expectation of the overall grain export was reduced by 0.6 mln tonnes to 43.8 mln tonnes.