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RUSSIAN WHEAT EXPECTATIONS SLIP

Russia’s winter wheat crop remains in good overall condition, but production expectations have started to erode amid dry weather in key growing areas of the country’s Southern Region. Moscow-based agricultural consultant IKAR on Friday lowered its forecast for Russia’s total 2024 production to 91.0 MMT from 93.0 MMT and cut projected 2024/25 wheat exports by 1.5 MMT to 50.5 MMT, according to Reuters News Service. Last month, Sovecon consultancy lowered its wheat crop estimate by 1.0 MMT to 93.0 MMT. USDA next Friday will issue its first forecast for Russia’s 2024 crop.

Russia is the largest exporter of wheat in the world. The map below shows key growing areas for Russia’s winter wheat crop.

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