SovEcon cuts Russia’s 2021 wheat exports forecast by 1.3 mln tns

MOSCOW, Jul 27 (PRIME) -- Agricultural research agency SovEcon has reduced its forecast for Russia’s wheat exports in the 2021–2022 agricultural year by 1.3 million tonnes to 37.1 million tonnes due to lower harvest expectations, it said in a statement on Tuesday.

The agency earlier reduced the harvest forecast to 82.3 million tonnes from 84.6 million tonnes.

July exports fell by 19% on the year to 1.9 million tonnes, which was an additional negative factor for the export forecast. "The harvesting campaign lagged behind the plan because of the rains and late sowing. The export duty adjusted for a week was another obstacle," the experts said.

Some farmers postpone exports hoping that the duty will be lifted in a few months, which might be wishful thinking, agency added.

End