MOSCOW, Jul 1 (PRIME) -- Agricultural research agency SovEcon has raised the estimate for Russia’s wheat export in the current agricultural year that started on Thursday and will end on June 30, 2022, by 1.8 million tonnes to 38.4 million tonnes, the agency said in a statement.
The export forecast increase reflects the recent increase of the country’s wheat production forecast by 2.2 million tonnes to 84.6 million tonnes. The floating export duty and non-transparent mechanism of its calculation will result in weak wheat export dynamics at the beginning of the season.
Active competition with the E.U. and Ukraine is another factor of pressure.
The estimate for Russia’s wheat exports in the 2020–2021 agricultural year that ended on Wednesday was cut by 0.2 million tonnes to 37.5 million tonnes.
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