September 25, 2014

Russia is forecast to harvest its largest grain crop in six years and second largest since the break-up of the Soviet Union – harvesting between 104 and 106 million tons according to SovEcon’s latest estimate. The country harvested a record 108 million tons in 2008.  SovEcon has also raised its estimate for Russia’s 2014 wheat crop to 60 million tons – up from 58 million tons. Russia’s wheat exports are now expected to be 22.5 million tons, ranking Russia as the world’s third largest wheat exporter after the EU and the U.S. according to the U.S. Department of Agriculture (USDA). So far between July 1^st and September 10^th of the current marketing year Russia has exported 8.75 million tons of grain of which 7.7 million tons has been wheat, and with overall grain exports reaching a record 4.7 million tons in August.  All crop forecasts from Russia’s official agencies now include 1.2 million tons of grain produced in the Crimean Peninsula which Russia annexed from Ukraine earlier this year.

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