IGC raises forecast for Russian wheat exports in new season by 1 mln t to 44.7 mln t

MOSCOW. June 30 (Interfax) - The International Grains Council (IGC) raised the forecast for Russian wheat exports in the new agricultural year (July 2023-June 2024) by 1 million tonnes to 44.7 million tonnes in its June report.

The forecast for Russia's nearest rival, the European Union, was lowered slightly to 36.2 million tonnes from 36.3 million tonnes in the May report.

The forecast for Russia's wheat harvest this year remained unchanged at 83.6 million tonnes.

The IGC also raised its forecast for all Russian grain exports, to 54.6 million tonnes from the 53.6 million tonnes projected in May. The forecast for Russia's overall grain harvest remained unchanged at 125.5 million tonnes.

The forecast for the EU's grain exports was lowered to 50.4 million tonnes from 50.6 million tonnes.

The IGC also lowered its forecast for the global grain harvest in 2023/2024 to 2,291.9 million tonnes, from 2,293.7 million tonnes a month earlier, although it raised the wheat harvest forecast to 786.7 million tonnes from 782.7 million tonnes.

Russia's Agriculture Ministry expects the grain harvest to total 123 million tonnes this year, including 78 million tonnes of wheat, and it expects grain exports to total 50 million-55 million tonnes in the new agricultural year.