The ministry of agriculture of the Russian Federation raised its wheat export forecast for this marketing year to 34-35 million mt from 33-34 million mt, according to a report by Interfax.
The adjusted forecast follows a press conference with first deputy minister of agriculture Dzhambulat Hatuov in Novosibirsk, who said that the ministry expects 38-39 million mt of grains exports this marketing year with 34-35 million mt being wheat.
Russia’s wheat crop this marketing year starting July 1, 2018, is around 73 million mt, according to sources.
This is likely to be reflected in Thursday’s US Department of Agriculture’s WASDE report. Its current estimate is 70 million mt, with exports at 40.5 million mt.
In the previous marketing year ending June 30, 2018, Russia produced just under 85 million mt and exported over 41 million mt.