Sovecon raised the forecast for Russian wheat exports to 44.2 million tons

Wheat

Russia

Published Feb 16, 2023

Tridge summary

Russia in the 2022-2023 agricultural year can export 44.2 million tons of wheat, the estimate of export potential has been increased by 0.1 million tons against the background of the weakening ruble and high demand from importers, according to a review by the Sovecon analytical center. "The forecast for wheat exports was increased by 0.1 million tons, to 44.2 million tons," the experts write. They expect wheat exports to hit a record high in February-June, supported by a weakening ruble and generally favorable conditions for exporters due to record domestic stocks and current strong demand from importers. According to Sovecon, in July 2022-January 2023, Russia shipped 26.4 million tons of wheat for export, and deliveries in February-June 2023 could reach 17.8 million tons. “In general, the expected active Russian exports in the first half of 2023 will be a noticeable obstacle to the global price rally,” the experts write.

Original content

Russia in the 2022-2023 agricultural year can export 44.2 million tons of wheat, the export potential has been increased by 0.1 million tons against the background of the weakening of the ruble and high demand from importers, according to a review of the Sovecon analytical center. "The forecast for wheat exports was increased by 0.1 million tons, to 44.2 million tons," the experts write. According to their expectations, wheat export rates in February-June will be record high: exports will be supported by the weakening ruble and generally favorable conditions for exporters due to record domestic stocks and current strong demand from importers. According to Sovecon's estimates, in July 2022-January 2023, Russia shipped 26.4 million tons of wheat for export, and deliveries in February-June 2023 could reach 17.8 million tons. "In general, the expected active Russian exports in the first half of 2023 will become a noticeable obstacle to the global price rally," the experts write. ...

Source: Zol