Sovecon experts have lowered the forecast of exports in 2024/25 MY of Russian grain in general and wheat in particular amid expectations of a possible reduction in the export quota in the current season.
Thus, the updated forecast of Russian grain exports in 2024/25 season is 52 mln tonnes against 53.6 mln tonnes according to the previous estimate, wheat exports - 44.1 mln tonnes against 45.9 mln tonnes.
“The downgrade reflects the expected low export quotas that may be introduced by the Russian Ministry of Agriculture from mid-February to the end of the current season. According to the current estimates, the quota may be set at 10 mln tons and most likely, almost all of it will be for wheat,” the analysts explained.
As for the forecast of exports of other key crops, it was raised from 2.4 mln tonnes to 2.6 mln tonnes for barley, while for corn it was left unchanged at 2.4 mln tonnes.
Source: APK-Inform