The U.S. Department of Agriculture reduced its estimate for wheat exports from Russia.

The USDA in its November forecast reduced the estimate of wheat exports from Russia in the 2025/26 season from 45 to 44 million tons. At the same time, the forecast for its harvest has been increased from 85 million tons to 86.5 million tons, carryover stocks from 11.19 million tons to 12.19 million tons (excluding Crimea and new regions). The forecast for the harvest of feed grain has increased by 1 million tons to 36.98 million tons, its export by 300 thousand tons to 6.81 million tons. The forecast for the corn harvest remains unchanged at 14.1 million tons with exports at 3 million tons and carryover stocks at 960 thousand tons. The Institute of Agricultural Market Studies (IKAR) estimates Russia's wheat exports this season at 44 million tons and possibly higher, and its harvest at 88 million tons (including Crimea, this is approximately 600 thousand tons) and higher, with corn production at 15.3-15.5 million tons. IKAR's CEO Dmitry Rylko also adds that in November, wheat ...