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.
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 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
This blog is maintained by The Global Miller staff and is supported by the magazine GFMT
which is published by Perendale Publishers Limited.
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