Russian wheat crop forecast for 2023 upped by 1.5 MMT – SovEcon

The estimate was revised due to favorable weather conditions in the key farming regions.

Russian wheat crop forecast for 2023 has been raised by 1.5 million of metric tons (MMT) to 86.8 MMT, as per SovEcon’s Russian wheat crop report. The estimate was revised due to favorable weather conditions in the key farming regions.

In March and April, the weather in the key wheat-growing regions of Russia was mostly favorable, with observed precipitation ranging from 35-80 millimeters (mm) in the Center and 80-125 mm in the South.

The Volga region is facing more challenging conditions with observed precipitation estimated at 5-35mm, which is around 40-60% of the normal level for this time of the year.

The projected wheat crop for 2023 is expected to be 17% lower than last year’s crop of 104.2 MMT, but it is anticipated to be 5% higher than the five-year average of 82.5 MMT.

Due to improved prospects for the new crop and record-high stocks the current season’s high supply of Russian wheat is expected to continue into the upcoming season.

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