Russia expected to harvest 135 mln-145 mln t of grain in 2024, major weather risks not anticipated - CBR poll

MOSCOW. April 18 (Interfax) - Russia's grain harvest in 2024 will be close to last year's figure and higher than the average in the past five years, the Central Bank of Russia's (CBR) regional divisions concluded based on surveys of agricultural enterprises.

"In the estimate of the Main Branch of the Bank of Russia, based on winter planting and plans for spring planting, the harvest of grains and grain legumes [...] given favorable weather conditions could total 135 million-145 million tonnes, including about 86 million tonnes of wheat," the CBR said in its monthly report on the regional economy.

Russia harvested 144.9 million tonnes of grain and grain legumes in 2023, including 92.8 million tonnes of wheat.

"In the estimate of farmers, significant risks for the harvest from weather conditions are not being observed at the moment," the report said.

There is expected to be a slight year-on-year decrease in the harvest of barley, sunflower seeds, sugar beet, potatoes and other vegetables, while the rapeseed and soybean harvests will likely increase. The corn harvest is expected to be about the same as last year.

The harvest forecast of the CBR's regional branches is generally in line with the projections of industry analysts, although it is somewhat more conservative for wheat. ProZerno forecast in March that Russia will harvest 140 million tonnes of grain this year, including 90 million-91 million tonnes of wheat; the Institute for Agricultural Market Studies forecast 146 million tonnes and 93 million tonnes, respectively; and market analyst Alexander Korbut forecast 145 million tonnes and 93 million tonnes.