August 05, 2015

05/08/2015: Hopes lifted for Russian wheat output

Hopes have been lifted for the size of the Russian wheat crop in recent days, with Russian analysts SovEcon increasing their forecasts by 1.5 million tonnes, compared with earlier estimates, to 57.5 million tonnes. Dry weather has helped the combines pick up pace again after earlier delays. 

http://cereals.ahdb.org.uk/markets/market-news/2015/august/04/grain-market-daily-hopes-lifted-for-russian-wheat-output.aspx
The uplift follows a favourable prediction by the USDA’s Moscow Bureau, and statements from the Russian Prime Minister – who stated the wheat crop could reach 58 million tonnes, see a range of current forecasts below.


The increased forecasts follow concerns earlier in the summer about the impact that excessive rains, particularly in the south of the country, were having on harvest progress. This in turn contributed to the record low export pace in July.

However, improved weather has allowed harvesting to progress, with 24 percent of the grain area (excluding maize) cut by the end of July, raising expectations of a ‘normal’ pace of exports in August. 


With increased prospects for the Russian wheat crop, and a pick-up in exports expected, the UK may face further competition into the European market – keeping the market focused on remaining as competitive as possible.


Read more on Russia HERE.
 

The Global Miller
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