October 2, 2012

International Grains Council (IGC) has lowered Russia's grain harvest forecast for 2012-13 to 68.6 million tonnes from August estimate's 71.4 million tonnes.

IGC said Monday (Oct 1) that the wheat harvest forecast was cut to 39 million tonnes from 41 million tonnes.

IGC kept its grain export forecast at 12.1 million tonnes, including 8.5 million tonnes of wheat. In 2011–12 agricultural year, the country exported 27.2 million tonnes of grain, including 21.6 million tonnes of wheat.

As follows from the latest official forecast by the Agriculture Ministry, the country will harvest 72–73 million tonnes of grain and export around 10–14 million tonnes.

The IGC reduced the global grain trade estimate to 248.50 million tonnes from 249.00 million tonnes expected previously.

IGC expects total grain imports to rise to 1.2 million tonnes from 500,000 tonnes last year. Domestic grain consumption forecast fell to 61.9 million tonnes from 62.5 million tonnes, while grain carryovers forecast declined to 9.4 million tonnes from 10.7 million tonnes.