IKAR in Mass and Industry Media

Russia’s IKAR raises grain harvest and export forecasts due to ‘huge’ corn crop

Reuters

Russia’s IKAR agriculture consultancy said on Monday it had raised its forecasts for Russia’s grain crop this year to 141.2 million metric tonnes from 140.0 million due to a significant improvement in the corn harvest.

“We see that there is a huge corn harvest, especially in the central regions. In the Volga region as well,” said IKAR head Dmitry Rylko.

The Institute for Agricultural Market Studies, one of the top two agricultural consultancy companies in Russia, said the corn harvest could reach 16.0 million tonnes this year, up from last year’s record 15.8 million tonnes.

IKAR’s previous forecast was 15.3 million tonnes.

It also raised its forecast for Russia’s grain export potential to 64.5 million tonnes in the 2023/24 season, up from 64.0 million tonnes.

In 2022, Russia had a record grain crop of 157.7 million tonnes, including 104.2 million tonnes of wheat.

Russia is ranked as the world’s third largest wheat producer, after China and India, but it is ranked as the top exporter by the International Grains Council.

Russian Agriculture Minister Dmitry Patrushev said earlier this month that the farm sector would see improvements in many areas, including in livestock, poultry, milk, and most food products.

“The volumes of all major crops will be higher than the average values for five years,” he said on Oct. 5, according to a transcript supplied by his ministry.

“In particular, the grain harvest will become one of the best and, with the preservation of favorable weather, could reach 135 million tonnes in net weight, of which about 90 million tonnes are wheat.”

11.10.23

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