Wheat

Analysts raise forecasts for Russian wheat exports next season


Analysts at SovEcon Center have increased their estimate for Russian wheat exports in the 2023/24 marketing year by 2,7 million tons from the previous estimate - to 45,7 million tons, Finmarket reports.

At the same time, experts expect the export of Russian barley in the new season to be 5,2 million tons and from Corn amounting to 4,3 million tons. Thus, the total export of Russian Grain crop is estimated to reach 57,2 million tons this year.

“The wheat export forecast for the new season has been revised due to higher crop estimates and statements from the Ministry of Agriculture that it does not plan to buy into intervention. Given the high profitability of export deals, we expect an active start of deliveries at the beginning of the new season,” the analysts explained.

According to SovEkon, the suspension of deliveries of Russian grain by several large multinational traders should not have a noticeable impact on the overall export volume. At the same time, the commissioning of a new deep-water terminal in the port of Vysotsk (Leningrad region) with a capacity of 4 million tons per year could noticeably increase shipping volumes.

We would like to remind that the Ministry of Agriculture of the Russian Federation estimates grain exports for 2023/24 at 50-55 million tons, while possible deliveries of wheat have not yet been announced.

Source: APKinform (Ukraine)

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