Int'l Grains Council downgrades forecast for Russian grain exports this agricultural year by 1.2 mln tonnes to 52.2 mln

MOSCOW. Aug 16 (Interfax) - The International Grains Council (IGC) has downgraded its forecast for Russian grain exports this agricultural year (July 2024 - June 2025) by 1.2 million tonnes to 52.2 million in the August review.

The wheat export forecast was downgraded insignificantly, to 43.2 million tonnes from 43.3 million tonnes a month ago. The forecast for the closest rival, the European Union, was downgraded to 32.4 million tonnes from 33.3 million tonnes, respectively.

Last agricultural year (July 2023 - June 2024), the forecast for Russian grain exports stood at 68.5 million tonnes, including 56.1 million tonnes of wheat.

The IGC also downgraded the forecast for this year's grain harvest in Russia to 119.4 million tonnes, versus 121.7 million tonnes forecasted in July. The wheat harvest forecast is unchanged, 81.8 million tonnes.

The world grain harvest is forecasted at 2,314.9 million tonnes (2,320.9 million tonnes in the July forecast), including 799.1 million tonnes of wheat (801 million tonnes).