SovEcon cuts Russia’s 2021/22 wheat exports forecast, remains upbeat about near term prospects
SovEcon cut Russian wheat export forecast to 34 mmt, will USDA follow?
SovEcon expects Russia to increase wheat production by 5.2 mmt in 2022
The production is expected to rebound on a good weather setup for winter wheat.
Russia could reduce winter crops area by 5% on bad weather and taxes
SovEcon expects a substantial reduction in winter crops area this fall amid unfavorable weather conditions and a drop in farmers’ profitability.
Siberia saves new Russian wheat crop
Russian farmers have harvest 71 mmt of wheat in bunker weight and Siberian yields are great
Russian wheat prices higher but buyers started to lower ruble bids
Last week, 12.5% wheat prices in Russian deep-sea ports rallied further, by $13 to $299/mt supported by firmer ruble prices. Earlier rally in the global benchmarks also helped. Closer to the end of the week many buyers started to lower bids hoping that the ruble market could reverse soon.
Black Sea wheat price rallied after WASDE
Russia’s domestic wheat market is rising fast, supported by demand from exporters and domestic buyers as well as worsening crop outlook. This could negatively affect wheat exports pace during the next few months from the top world wheat exporter.
Ruble wheat prices rise rapidly threatening exports
Russia’s domestic wheat market is rising fast, supported by demand from exporters and domestic buyers as well as worsening crop outlook. This could negatively affect wheat exports pace during the next few months from the top world wheat exporter.
SovEcon cut Russian wheat crop to 76 mmt, USDA’s forecast – 85 mmt
SovEcon cut Russia’s wheat crop forecast from 82.3 mmt to 76.4 mmt. The main reason is the substantially smaller winter wheat area reported by Rosstat.
Russian wheat crop outlook worsens on hot weather
Outlook for Russian wheat crop worsens. SovEcon cut 2021 crop estimate from 84.6 mmt to 82.3 mmt two weeks ago, USDA lowered its estimate by 1 mmt to 85 mmt a week ago.
Russian wheat prices tumbled on bumper crop expectations but starting yields don’t confirm them
Last week, 12.5% wheat prices in Russia’s deep-sea ports tumbled $12 to $234/mt FOB. This was driven by weaker global benchmarks and expectations of the bumper crop.