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USDA lowers Russian wheat production

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The USDA Foreign Agricultural Service from Moscow has forecast Russian wheat production will reach 73.5 million metric tons (MMT) in marketing year 2019/2020, a decrease from the previous forecast of 74 MMT based on industry and official data.

Barley and corn production forecasts are unchanged at 19 MMT and 13 MMT, respectively.

Year-on-year increases are expected for barley and corn due to significant expansion of harvested areas and expected increases in yields.

Considering the preliminary statistical data provided by the Russian Government, as well as various domestic analytical experts, USDA estimates that total Russian grain exports in MY 2019/2020 may reach 45MMT, of which wheat exports will comprise of 33.5 MMT, down 500 TMT from the last forecast and a decrease of 1.7 MMT from the MY18/19 wheat export estimate.

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