SovEcon has raised its estimate for the 2024 wheat harvest in Russia

Wheat

Sustainability & Environmental Impact

Market & Price Trends

Published Mar 29, 2024

Tridge summary

The SovEkon analytical center has revised its 2023 forecast for the Russian wheat harvest upwards to 94 million tons, an increase of 400 thousand tons, thanks to favorable weather conditions over the winter. The adjustment is based on higher than usual temperatures and adequate rainfall, which have ensured high moisture reserves and significant snow cover, benefiting winter crop conditions. Despite a recent decrease in crop conditions due to a lack of rain, with effects varying by region, the overall positive outlook for the Russian wheat harvest has been incorporated into global market prices. The possibility of continued dry weather could further influence market prices in the future.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The SovEkon analytical center has raised its forecast for the Russian wheat harvest this year by 400 thousand to 94 million tons, according to the center’s review. The estimate was increased due to favorable agro-climatic conditions during the winter. Over the past three months, the minimum temperature exceeded the norm by two to three degrees in the Center and by three to four in the South and Lower Volga region. There was also a sufficient amount of productive rainfall. This had a positive effect on the condition of winter crops, for which a high level of moisture reserves was created in the South and significant snow cover in the Center and Volga region. In general, the production estimate for winter crops was increased by half a million to 68.2 million tons, while spring crops, on the contrary, were reduced by 200 thousand or to 25.7 million. Experts expect a decrease in grain and oilseed harvests in Ukraine in 2024 At the same time, company analysts noted that over the past ...

Source: Rosng