Russia: The Union of Grain Exporters reduced the consensus forecast for wheat shipments in the new season by 14.7% over the month

The Russian Union of Grain Exporters, which on May 17 began publishing consensus forecasts for this year’s grain harvest and exports in the new season (starting July 1, 2024), by June 14 reduced its estimate of wheat exports by 14.7%, Interfax reports. As reported in the union’s telegram channel, the new consensus forecast is 40 million tons. The estimate for corn exports decreased by 5.7%, to 5 million tons, and barley remained unchanged (4.3 million tons). The consensus forecast for total grain exports is 53.5 million tons, which is 9.5% less than a month ago. This year's grain harvest by mid-June was estimated at 125.1 million tons (7% less), including wheat - 79.3 million tons (8.6% less), barley - 18.6 million tons (up 3.6% less), corn - 14.9 million tons (2.6% less). As Eduard Zernin, chairman of the board of the Union, told Interfax, forecasts for both harvest and exports continued to decline as the harvesting campaign progressed. “We consider deviations from the first ...