July 5, 2012
SovEcon lowers Russian wheat outlook to 48.5 million tonnes
SovEcon said today by e-mail that on low yields in the south, Russia's wheat crop will be 48.5 million tonnes in the season that started July 1.
The Moscow-based researcher's previous estimate for the 2012-13 season, made on June 20, was 50 million-51 million tonnes of wheat. The figure was lowered on the forecast for the crop in Russia's southern Krasnodar region, where yields have fallen 23% from a year earlier because of damage from frost and drought, SovEcon said in a report yesterday (July 4).
Russia's total grain crop will be 80.5 million-85 million tonnes in 2012-13, said Andrei Sizov Jr., SovEcon's managing director. The country's farmers reaped 94 million tonnes of grain last year, including 56 million tonnes of wheat, according to state statistics office data. Grain exports reached a record 27 million tonnes, including 18 million tonnes of wheat, in 2011-12, Sizov said today (July 5).
Wheat for September delivery rose 0.6% to US$7.77 a bushel on the Chicago Board of Trade by 2:10 p.m. London time.