International Grains Council upgrades forecast for Russian wheat exports this agricultural year by 1 mln tonnes to 42.1 mln tonnes

MOSCOW. Jan 13 (Interfax) - The International Grains Council (IGC) has in its January Grains Market Report upgraded its forecast for exports of wheat from Russia this agricultural year running from July 2022 to June 2023 by 1 million tonnes to 42.1 million tonnes from the 41.1 million tonnes projected in November 2022, as there was no report in December.

The wheat harvest forecast was unchanged at 95.4 million tonnes. The estimate for carryover stocks on July 1, 2023 has been downgraded by 1 million tonnes to 19 million tonnes.

The forecast for the wheat exports of the nearest competitor on the global market, the European Union, has been left unchanged at 34.4 million tonnes with an estimated harvest of 133.7 million tonnes.

The IGC has also upgraded its forecast for grain exports from Russia on the whole by 1 million tonnes to 50.3 million tonnes. Estimated harvest is unchanged at 139.2 million tonnes.

The forecast for grain exports from the EU has been downgraded by 0.3 million tonnes to 48.8 million tonnes.

According to the IGC, the global grain harvest this agricultural year will total 2.256 billion tonnes compared to the 2.255 billion tonnes forecast in November, including 795.6 million tonnes of wheat against November's 790.6 million tonnes.