BLOG

SovEcon lowers 2024/25 Russian grain export forecasts

02 October 20242 min reading

SovEcon, a leading Black Sea grain consultancy, has reduced its 2024/25 export forecasts for Russian wheat, corn, and barley due to a smaller crop size and rising domestic feed demand. Despite the revisions, Russia's wheat exports continue at a strong pace, supported by high supply levels.

The wheat export forecast for the 2024/25 season has been lowered to 47.6 million metric tons (MMT), down from 48.1 MMT. Corn exports are now estimated at 2.2 MMT, compared to 2.4 MMT previously, and barley exports have been revised to 2.4 MMT, down from 2.8 MMT. Total exports of grains, pulses, and processed products are forecast at 55.4 MMT, down from 56.5 MMT.

The reduction in the wheat export forecast reflects a slight decrease in crop size and an anticipated increase in domestic feed demand. Feed wheat is expected to increasingly replace barley and corn in livestock feed rations.

Despite these reductions, SovEcon is not yet prepared to significantly lower its export estimates. Reports of sluggish demand have not slowed Russia’s wheat exports, which continue at a fast pace. In July-September 2024, the first three months of the season, Russia shipped 14.4 MMT of wheat—just below the record 14.7 MMT shipped during the same period in 2023. Wheat supply this season remains at historically high levels, driven by substantial carryover stocks. Exporters continue to actively contract wheat and are operating with lower margins compared to previous seasons.

Articles in News Category
12 June 20193 min reading

Bühler launches single-screw extruder PolyOne

Bühler has launched the multifunctional single-screw extruder PolyOne for the pet food and aqua fee...

09 July 20133 min reading

Asian Buyers are Coming Back to Black Sea for Cheaper for Coarse Wheat

Asian buyers are heading towards Black Sea region instead of India and Australia for cheaper produc...

13 November 20182 min reading

FAO Food Price Index down in September

World food prices slipped in September from the month before, with only sugar posting a rise, the U...