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SovEcon, a leading Black Sea grain consultancy, has revised its 2024 Russian grain crop forecasts. The total grain crop forecast has been increased due to higher estimates for wheat and barley, while the corn production forecast has been significantly lowered.

SovEcon, a leading agricultural markets research firm specializing in the Black Sea region, has revised its 2024 forecast for Russia's wheat crop down by 3.4 million metric tons (MMT) to 89.6 MMT. In 2023 the country grew 92.8 MMT; the five-year average production stands at 86.7 MMT.

In the 2023/24 marketing year (MY), Russia has been an aggressive exporter of wheat to the world market.

The Moscow-based Institute for Agricultural Market Studies (IKAR) predicts that Russia will set a record with wheat exports exceeding 52 million tons this season. According to IKAR, Russia’s exports will exceed half of the harvest for the first time, and the country’s share in the world wheat trade will reach 25%.

SovEcon, a leading Black Sea agricultural markets research firm, has cut its 2024 Russian wheat crop estimate by 1.0 million metric tons (MMT) to 93.0 MMT. This is the first forecast decrease in the current season.