IKAR in Mass and Industry Media

Russia announces better-than-expected grain, wheat harvest estimates

Reuters

MOSCOW, Oct 10 (Reuters) - Russia lowered its final grain and wheat crop estimates on Thursday but the figures were higher than analysts had expected, setting the stage for this season's export forecasts ahead of a key meeting with exporters on Oct. 11.

Deputy Prime Minister Dmitry Patrushev was quoted by Russian news agencies as saying Russia will harvest 130 million tons of grain, down from an earlier forecast of 132 million tons, and 83 million tons of wheat, down from 84-86 million tons.

"Given the high technological capabilities of our producers, we expect a good harvest by the end of the year, which will fully meet the domestic market demand and maintain a high export potential," Patrushev was quoted as saying.

The new estimate is a an 12% drop from 148 million tons in 2023 and a 18% drop from a record 158 million tons in 2022. However, the estimate is better than the 124.5 million tons in the latest estimate from the IKAR consultancy.

Russia domestic grain consumption is estimated at 85-87 million tons. The rest of the harvested grain could be exported.

Russia's Agriculture Ministry has called the country's major grain exporters to a meeting on Oct. 11, three sources close to the matter told Reuters, days after the grain exporters' union accused some exporters of shipping too much at low prices.

Concerns over Russia's smaller-than-expected grain harvest due to extreme weather ranging from early spring frost to drought to heavy rains supported international wheat prices in recent months.

10.10.24

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