SovEcon raises Russia’s Jul 2022–Jun 2023 wheat export forecast

MOSCOW, Aug 29 (PRIME) -- Agricultural research agency SovEcon has raised Russia’s wheat exports forecast in the current agricultural year that started on July 1, 2021 and will end on June 30, 2022 by 200,000 tonnes to 43.1 million tonnes, the agency said in a statement on Monday.

The estimate was raised moderately in spite of the previous agency’s decision to upgrade the wheat harvest forecast for the period to 94.7 million tonnes from 90.9 million tonnes.

Exports have remained slow for two months in a row, while river shipping should end in the second half of autumn. After that the weather in the Black Sea and Sea of Azov will worsen, the business activity will slow down as it usually does during the New Year holidays, and an export quota will likely come into effect next February, the agency said.

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