21 Nov 2022 15:15

IKAR raises forecast for Russia's wheat exports this agricultural year by two mln tonnes to 44 mln tonnes

MOSCOW. Nov 21 (Interfax) - The Institute for Agricultural Market Studies (IKAR) has raised its forecast for Russia's wheat exports during the current agricultural year from July 2022 to June 2023 by two million tonnes to 44 million tonnes, IKAR CEO Dmitry Rylko has told Interfax.

"The forecast has been raised from 42 million tonnes to 44 million tonnes. The main reasons are high demand for Russian wheat and its large inventories," Rylko said.

When talking about the export directions where Russian wheat will be most in demand, Rylko first mentioned Turkey and Egypt, as well as Algeria, Saudi Arabia, Bangladesh, and Pakistan.

Rylko recalled that IKAR estimates the gross grain harvest this year at 153 million tonnes, including wheat at 101.5 million tonnes. "However, the forecast for harvesting corn has been reduced by 500,000 tonnes to 15.5 million tonnes," he said.