Bloomberg News

Ikar Cuts Russian Crop Estimate to 84.5 Million on Weather

June 28, 2012

Russia’s farmers are expected to harvest 84.5 million metric tons of grains in the 2012-13 season, which starts July 1, said the Institute for Agricultural Market Studies, which cut an earlier forecast.

That compares with an estimate of 88.4 million tons made earlier in June. Russia’s wheat crop forecast was lowered 5.8 percent to 48.5 million tons, Oleg Sukhanov, head of market analysis at the institute known as Ikar, said by phone in Moscow today.

Grain exports are expected to be 17.5 million tons, including 13.5 million to 13.8 million tons of wheat, according to Ikar. The institute had previously forecast total exports of 19 million tons, with 15 million tons of wheat.

The crops have been affected by weather conditions including a lack of moisture in the spring and frosts in the winter, according to Ikar.

Winter wheat is light in weight in the regions that were hit by the spring drought, said Sukhanov, who has just returned from a crop tour.

To contact the reporter on this story: Marina Sysoyeva in Moscow at msysoyeva@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net


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