Bloomberg News

SovEcon Cuts Russian Wheat Estimate to 48.5 Million Tons

July 03, 2012

Russia’s wheat crop will be 48.5 million metric tons in the season that started July 1 on low yields in the south, SovEcon said today by e-mail.

The Moscow-based researcher’s previous estimate for the 2012-13 season, made on June 20, was 50 million to 51 million tons of wheat. The figure was lowered on the forecast for the crop in Russia’s southern Krasnodar region, where yields have fallen 23 percent from a year earlier because of damage from frost and drought, SovEcon said in a report yesterday.

Russia’s total grain crop will be 80.5 million to 85 million tons in 2012-13, said Andrei Sizov Jr., SovEcon’s managing director. The country’s farmers reaped 94 million tons of grain last year, including 56 million tons of wheat, according to state statistics office data. Grain exports reached a record 27 million tons, including 18 million tons of wheat, in 2011-12, Sizov said today.

Wheat for September delivery rose 0.6 percent to $7.77 a bushel on the Chicago Board of Trade by 2:10 p.m. London time.

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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