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The US Department of Agriculture once again raised the estimate of wheat exports from Russia for this agricultural year (July 2023 - June 2024) in its August review.
The new forecast is 48 million tons, which is 0.5 million tons more than forecast in July. In July, compared to June, the estimate was increased by 1 million tons, to 47.5 million tons.
At the same time, the forecast for the harvest of wheat in Russia has not changed again - 85 million tons, while the estimate of carryover stocks has been reduced to 11.44 million tons from 12.44 million tons in July.
The forecast for wheat exports by the closest competitor - the EU - remained at the level of 38.5 million tons.
The forecast for exports of forage crops in the August report has not changed - 8.91 million tons. At the same time, the estimate of their collection was reduced to 39.4 million tons from 42.25 million tons a month earlier.
The forecast for the harvest of corn also decreased - to 14.6 million tons from 16.3 million tons a month earlier. The estimate of its export volumes has not changed - 4.2 million tons.
The US Department of Agriculture does not take into account data on Crimea and new territories in its forecasts.
The Russian Ministry of Agriculture, taking into account the new territories, expects to harvest 123 million tons of grain this year, including 78 million tons of wheat.
According to the forecast of the US Department of Agriculture, the world harvest of wheat in this agricultural year will amount to 793.37 million tons (796.67 million tons according to the July estimate), feed grain - 1 billion 497.26 million tons (1 billion 513.38 million tons), corn - 1 billion 213.5 million tons (1 billion 224.47 million tons).
