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USDA in its latest report reduced the estimate of wheat harvest in Russia in the current agricultural year (July 2024 - June 2025) by 1 million tons, now amounting to 82 million tons. The estimate of end-of-season stocks was also raised to 7.24 million tons (from 6.74 million tons in September).
The forecast for wheat exports from Russia remains at 48 million tons.
The forecast for corn harvest in Russia was reduced to 13 million tons, 500 thousand tons less than in the previous report. It is predicted that corn exports will amount to 3.3 million tons (a decrease of 500 thousand tons), with end-of-season stocks at 0.31 million tons.
The production of compound feed grains in Russia has been reduced by 1.3 million tons to 35.5 million tons, and exports are estimated at 7 million tons (compared to 8.1 million tons in September). End-of-season stocks will be 0.96 million tons.
The wheat export estimate for Russia's main competitor, the European Union, was reduced by 1.5 million tons to 30 million tons. The wheat production estimate in the EU was lowered by 1 million tons to 123 million tons.
Wheat exports from Ukraine have been increased again, from 15 million to 16 million tons. The wheat harvest estimate has also been raised to 22.9 million tons (an increase of 600 thousand tons), with end-of-season stocks at 0.99 million tons. The corn production forecast has been lowered by 1 million tons to 26.2 million tons. It is projected that the export of this crop will be 23 million tons (down from 24 million tons).
The wheat harvest forecast in Kazakhstan remains unchanged at 16 million tons. Exports also stay at the same level - 10.5 million tons. The estimate of end-of-season stocks is 2.83 million tons.
The global wheat harvest forecast for the current agricultural year was reduced to 794.08 million tons (a decrease of 2.8 million tons), and the production forecast for compound feed grains was reduced to 1.5 billion 11 million tons (down from 1.50245 billion tons in the previous report), with the corn crop estimated at 1.21719 billion tons (a decrease from 1.21857 billion tons).
In its forecasts, USDA does not take into account data from Crimea and new territories
