2 May 2023 17:57

Russia's wheat exports could set record in new season - experts

MOSCOW. May 2 (Interfax) - Wheat exports in the new agricultural year from July 2023 to June 2024 could set a record despite the decrease in the harvest, SovEcon experts believe.

According to the report, wheat exports are still expected at 43 million tonnes, which is the second largest volume after the current season, during which SovEcon estimates exports at 44.4 million tonnes against the previous forecast of 44.5 million tonnes. The company explained that the estimate for wheat exports for this crop year was downgraded because of "sluggish sales".

"Despite a significantly smaller harvest, it is expected that the total supply in the new season will decrease slightly on an annualized basis. SovEcon does not rule out the possibility that the export forecast for the 2023-2024 agricultural year could be revised upward and reach a new record," SovEcon said.

The company estimates the wheat harvest at 86.8 million tonnes this year against 104.2 million tonnes in 2022.

The forecast for grain exports in general this agricultural year was cut from 55.9 million tonnes to 55.5 million tonnes.