MOSCOW, RUSSIA — Sovecon increased Russia’s 2022 wheat harvest estimate to 94.7 million tonnes from 90.9 million tonnes due to record yields in many regions and better prospects for spring wheat after recent rain, Reuters reported.
Russia is the world’s largest wheat exporter, mainly to the Middle East and Africa.
However, the higher estimate is not likely to have much impact on the global market because Russian exports “remain painfully slow,” Sovecon said.
Banks, shippers and insurers are wary despite US assurances over sanctions related to Russia’s invasion of Ukraine, traders told Reuters.
Sovecon’s forecast for all grain crops combined was raised to 142.6 million tonnes, including 20.6 million tonnes of barley and 15.1 million tonnes of maize (corn), it said, adding that the estimate is based on the area controlled by Russia at the start of 2022.