Russia’s IKAR agricultural consultancy has reduced its forecasts for the country’s wheat crop and exports, citing concerns about the impact on production.
Specifically, IKAR has cut its forecast for Russia’s wheat crop to 86 million metric tons, down from its previous estimate of 91 million tons. The consultancy has also lowered its outlook for Russian wheat exports to 47 million metric tons, compared to its earlier projection of 50.5 million tons.
In addition, IKAR has reduced its overall grain crop forecast for Russia to 135 million tons, down from 142 million tons previously. The total grain export outlook has been revised down to 59.5 million tons, from the earlier estimate of 64.5 million tons.
The adjustments come as Russia, one of the world’s largest wheat producers and exporters, faces potential challenges to its grain production. Factors such as weather conditions and other production-related issues may have contributed to IKAR’s decision to revise its forecasts downward.
The reduced crop and export estimates from IKAR could have implications for the global grain market, as Russia plays a significant role in the supply and pricing of wheat and other agricultural commodities. Traders and market participants will likely closely monitor the situation in Russia and any further updates to the country’s production and export outlook.