MUMBAI, 3 Jun (Commoditiescontrol): The Russian Union of Grain Exporters has revised its grain harvest forecast for 2024, reducing it by 2.7% to 130.9 million tonnes, down from the previous week's estimate of 134.2 million tonnes, Interfax reports. This adjustment includes a 2.5% decrease in wheat harvest estimates, now projected at 84.6 million tonnes, compared to the earlier forecast of 86.6 million tonnes. Barley production expectations have also been lowered by 1.6%, from 19.3 million tonnes to 19 million tonnes. However, the forecast for corn production remains steady at 15.3 million tonnes.
In addition to the harvest reduction, the forecast for grain exports for the 2024/25 marketing year has been cut by 1.5%, from 58.7 million tonnes to 58.2 million tonnes. Specifically, the wheat export estimate has been lowered by 3.2%, from 46.7 million tonnes to 45.4 million tonnes. The export forecasts for barley (4.3 million tonnes) and corn (5.3 million tonnes) have remained unchanged for the third consecutive week.
The Union of Grain Exporters initiated the publication of weekly consensus forecasts in response to recent natural disasters that have significantly impacted grain and other crop production.
In contrast, the Russian Ministry of Agriculture has maintained its grain harvest forecast at 132 million tonnes, including 85 million tonnes of wheat.
(By Commoditiescontrol Bureau; +91 98201 3018)
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