According to a SovEcon forecast, Russia will export 2.8 million tons of wheat in July, compared to 4.5 million tons in July 2023 and an average of 3 million tons for the month.
IKAR has raised its forecast for Russia's wheat production in 2024 from 82 million tons to 83.2 million tons. The total grain production is forecasted at 128 million tons.
As of July 9, 2024, 7.6 million hectares of grain crops have been harvested in Russia, yielding 29.1 million tons of grain, including 23.4 million tons of wheat and 3.3 million tons of barley.
Between July 1 and July 10, 1.131 million tons of grain were exported from Ukraine (698,000 tons a year earlier), including 320,000 tons of wheat (212,000), 134,000 tons of barley (65,000), and 673,000 tons of corn (420,000).
ProZerno estimates the new grain production in Russia at 128.2 million tons (127 million in the previous estimate), including wheat production of 82 million tons (81 million).
As of July 1, the harvesting campaign of wheat in France was conducted on 1% of the area. The production is expected to be 11% below the average level for the past 10 years and the lowest since 2016.
Over the past week, wheat, soybean, soymeal, and soyoil futures in Chicago rose moderately, while corn futures rose minimally. In Paris, wheat and corn futures increased moderately, and rapeseed futures rose significantly.
