According to the Russian agricultural consultancy Sovecon, the forecast for Russia’s 2024 wheat crop has been revised upwards to 84.1 million tonnes from a previous estimate of 80.7 million tonnes.
This represents a significant increase in the expected wheat production for Russia, the world’s largest wheat exporter. The revised forecast suggests that Russia’s wheat output will continue to be strong in the coming year, building on the country’s strong agricultural performance in recent years.
Sovecon, a leading agricultural research and analysis firm in Russia, did not provide details on the factors behind the upward revision. However, favorable weather conditions, improved farming practices, and ongoing government support for the agricultural sector are likely contributing to the positive outlook for Russia’s wheat production.
The updated forecast from Sovecon underscores the importance of Russia’s wheat exports in the global agricultural market. As a major supplier of wheat to countries around the world, Russia’s production levels can have a significant impact on global wheat prices and food security.
The revised 2024 wheat crop estimate from Sovecon provides a positive outlook for Russia’s agricultural sector and its ability to meet domestic and international demand for wheat in the coming year.