Russia may have about 10 million metric tons of wheat available for export in the 2013-14 marketing year, based on expected production, usage and rebuilding of stocks, French farm adviser Agritel said.
Wheat typically accounts for no more than 55 percent of Russia’s grain harvest, and a government forecast for a grain crop of 90 million to 92 million tons makes it difficult to expect a wheat harvest significantly above 50 million tons, the Paris-based company wrote in a market comment on its website today.
Russia’s wheat exports may climb to 15 million tons from 10.5 million tons, according to the U.S. Department of Agriculture’s Foreign Agricultural Service. Domestic consumption of 37.5 million tons and a government move to rebuild intervention stocks will limit the exportable surplus, according to Agritel.
“This consideration will encourage Russian exporters to be very active at the start of the campaign,” Agritel wrote. “Exporters will offer farmers better prices than those offered by the authorities in the context of the rebuilding of the strategic stocks.”
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