Source: Oleoscope (Russia)
SovEcon has raised its forecast for Russian wheat production in 2024 by 0.4 million tons to 82.9 million tons. The estimate was revised due to the high yields in the Asian part of Russia.
The forecast for wheat production in Siberia was raised by 1.3 million tons to 11.3 million tons, the highest figure in the last 15 years. In the Urals, production is expected to reach 4.3 million tons (+0.2 million tons compared to the previous estimate). Production growth in Siberia and the Urals will partially offset the declines in the Central and Volga regions. Due to the drought in the Central region and the extreme heat in the Volga region, the forecast was lowered by 0.4 million tons to 16.9 million tons and by 0.8 million tons to 17.0 million tons for the Central region.
The US Department of Agriculture (USDA) estimates Russian wheat production at 83 million tons.
Dry weather is expected in most Russian regions in the near future, which could provide additional support for the harvest.