USDA sees Russia exporting 39 mln t of wheat in new agricultural year

MOSCOW. May 13 (Interfax) - Russia could export 39 million tonnes of wheat in the period from July 2022 to June 2023, the U.S. Department of Agriculture said in its May report, in which it makes its first grain market forecasts for the new agricultural year.

Russia's chief rival, the European Union is forecast to export 36 million tonnes, meaning the USDA expects Russia to regain its lead on the world market. The USDA expects Russia to export 33 million tonnes in the current agricultural year that ends on June 30, 2022, and the EU to export 34 million tonnes.

Russia is forecast to harvest 80 million tonnes of wheat, and carryover reserves are expected to total 11.4 million tonnes as of July 1, 2023.

Russia is forecast to export 10.45 million tonnes of feed grain, with production totalling 41.93 million tonnes and carryover reserves amounting to 1.56 million tonnes.

Russia could also export 4.3 million tonnes of corn in the new agricultural year, the USDA forecast. The corn harvest is expected to total 15.5 million tonnes, with carryover reserves amounting to 0.68 million tonnes.

Developments in Ukraine have significantly increased uncertainty regarding demand and supply for agricultural products in the region and the whole world, the USDA said in the report. The May report is a current assessment of the short-term consequences of these events, the document said.