SovEcon raises forecast for Russia’s Jul ‘20–Jun ‘21 wheat exports

MOSCOW, Jan 31 (PRIME) -- Agricultural research agency SovEcon has increased its Russian wheat exports forecast in the current agricultural year that started on July 1, 2021 and will end on June 30, 2022 by 0.2 million tonnes to 34.3 million tonnes, the agency said in a statement on Monday.

The revision was connected to growing exports of Russian wheat given its competitiveness thanks to a recent weakening of the ruble coupled higher global prices for wheat in a few past weeks. Exporters will completely or almost completely exhaust an 8 million tonne wheat export quota, which will be in effect from February 15 through June 30, SovEcon said.

The risk of wheat supplies disruptions from the Black Sea region due to a possible conflict between Russia and Ukraine is low.

The Agriculture Ministry said previously that Russia’s wheat exports decreased by 25.4% on the year to 21.1 million tonnes in the period from July 1, 2021 through January 27, 2022. The ministry expects the country’s combined grain exports to reach 45–48 million tonnes in the current agricultural year.

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