July 31, 2012
Russia's 2012-13 wheat output forecast down 8.2%
Russia's wheat output forecast for the 2012-13 aggregate marketing year was lowered by 8.2% to 45 million tonnes.
According to IGC, production is now expected to fall 20% but will still be higher than 41.5 million tonnes in 2010-11, when a fierce drought prompted a ban on exports.
IGC also slashed Russia's wheat export forecast to nine million tonnes. This figure is 59% lower than the 2011-12 actual exports of 22 million tonnes.
Traders are worried that Russia may impose restrictions on exports again or ban them altogether. There aren't any firm price offers for September shipment due to policy uncertainties, a trader in Lausanne said.
The Russian government plans to review the situation by August 8.