News

Forecasts for the Russian harvest continue to shrink

Published May 21, 2024

Tridge summary

Atypical May frosts in southern Russia have caused significant damage to winter cereals, leading to potential lower harvest in the 2023-24 marketing year. The Institute of Agricultural Market Research (IKAR) and SovEcon have both reduced their forecasts for the 2023-24 wheat crop. Some areas in southern Russia received scattered rainfall, but some remained dry. The country has declared a state of emergency in three key grain-growing areas due to the damage caused by the frost. Despite the losses, Russia is expected to remain the leading supplier of wheat on the world market.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In short: • Agencies forecast a decline in production and exports • The cold caused a loss of 490 million dollars Atypical May frosts in the southern regions of Russia have caused significant damage to winter cereals, which will lead to a potentially lower harvest in the 2023-24 marketing year (July - June). On May 15, the Institute of Agricultural Market Research (IKAR) cut its forecast for the 2023-24 wheat crop to 86 million tonnes, down from 91 million tonnes at the start of May. The forecast for the country's total grain harvest was also cut to 135 million tonnes, from 142 million tonnes in the previous forecast. Meanwhile, SovEcon, an agricultural market research company, also cut its forecast for the 2023-2024 wheat crop to 85.7 million tonnes from the 89.6 million tonnes forecast in early May. The revision reflects a reduction in pre-harvest wheat area by 0.3 million hectares to 29.2 million hectares and a reduced yield forecast, which averaged 3.03 t/ha to 2.93 ...
Source: Agri
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