The International Grain Council (IGC) in the January report raised the forecast for wheat exports from Russia in this agricultural year (July 2022-June 2023) by 1 million tons, to 42.1 million tons from 41.1 million tons according to November 2022 estimates (there was no report in December), reports Interfax.
The wheat harvest forecast has not changed and is 95.4 million tons. Estimated carryover reserves as of July 1, 2023 have been reduced by 1 million tons to 19 million tons.
The export forecast for wheat, the closest competitor on the world market, the EU, has not changed and stands at 34.4 million tons, with an estimated harvest of 133.7 million tons.
MSZ also raised the forecast for grain exports from the Russian Federation as a whole by 1 million tons, to 50.3 million tons. The collection estimate has not changed – 139.2 million tons.
The forecast for grain exports from the EU is reduced by 0.3 million tons, to 48.8 million tons.
The world grain harvest in this agricultural year, according to the MSZ, will amount to 2 billion 256.4 million tons (2 billion 255.3 million tons according to the November 2022 forecast), including 795.6 million tons of wheat (790.6 million tons) .