24 Aug 2018 18:44

IGC raises forecast for Russian wheat exports in farming year

LONDON. Aug 24 (Interfax) - The International Grains Council (IGC) has raised its forecast for Russian wheat exports in the July 2018-June 2019 farming year.

The IGC says in its August report that it expects Russia to export 30.7 million tonnes of wheat in the farming year, compared to 30.3 million tonnes forecast in July. Overall Russian grain exports will be 39.7 million tonnes, or 0.1 million tonnes less than forecast in July.

The Russian wheat harvest is estimated at 67 million tonnes, 1 million tonnes more than forecast in July. The gross grain harvest is unchanged at 103.9 million tonnes.

The IGC estimates carryover grain stocks as of July 1, 2019 at 10 million tonnes, down from its July forecast of 11.4 million tonnes, and total grain stocks at 11.6 million tonnes (13.4 million tonnes).

The Russian Agriculture Ministry recently revised its grain forecast for 2018 to up to 105 million tonnes from not more than 100 million tonnes previously.