The US Department of Agriculture raises the expected wheat harvest in Russia to 90 million tons

The US Department of Agriculture (USDA) issued a new review of the production and export of grain crops in Russia and other countries. According to the latest November survey, Russia's wheat production forecast for the next season, 2023/24, is 90 million tons, which is 5 million tons higher than the forecast in the October survey.

However, the forecast for Russian wheat exports remains unchanged at 50 million tons. Similarly, the estimate of wheat exports from the European Union is 37.5 million tons and also remains unchanged.

Forecasts for the production of other grain crops in Russia have also changed in favor of an increase. Analysts forecast an increase in feed grain production from 39.8 to 42.2 million tons, and corn production from 14.6 to 16 million tons.

Regarding corn exports, the forecast was also adjusted upward to 5.3 million tons, 1.1 million tons more than in October. Supplies of feed grains abroad are expected at 11.31 million tons, which exceeds the previous estimate of 10.21 million tons.

According to US agricultural experts, global grain production in the next 2023/24 season will reach 781.98 million tons. This estimate is slightly lower than the October survey, which forecast 783.43 million tonnes.

Sporadic changes in grain production and export forecasts reflect constantly changing conditions in the agricultural industry and the economy as a whole. They play an important role in determining global market trends and influence prices and sentiment in global markets.

USDA will continue to monitor the situation and update its forecasts to help farmers and traders make informed business decisions. It is likely that future reviews will provide even more accurate data on trends in the production and export of grain crops both in Russia and in other producing countries.