World meat industry news

The Sovecon company, which specializes in studying agricultural markets, raised its forecast for wheat exports from Russia in 2022-2023 agricultural year (July 1, 2022 - June 30, 2023) to 43.7 million tons due to the rapid pace of exports. This was said in a statement.

"The forecast for wheat exports was raised by 0.3 million tons to 43.7 million tons due to the current rapid pace of exports," the report says.

Experts estimate wheat exports in October at 4.3 million tons against 3.3 million tons in October 2021 and 3.9 million tons on average. "This is the first month in the current season when exports were higher year-on-year and above average. Exports are supported by a good margin for traders and strong demand from importers," the company explained.

Analysts estimate Russia's export potential for wheat in the current agricultural year at about 50 million tons. “However, we are in no hurry to increase the export forecast more significantly. Weak export rates at the beginning of the campaign, a strong ruble and export duty limit the total export volume in 2022-2023 agricultural year,” Sovecon believes.

According to the company, despite a record high crop of around 100.6 million tons, farmers are in no hurry to get rid of their wheat and currently prefer to sell sunflower and corn. Another obstacle that is becoming more and more visible is the lack of grain wagons. Currently, exporters have to wait two to three months to receive the wagons, the company said.

The Ministry of Agriculture of the Russian Federation estimates the export of grain from Russia in the current agricultural year at 50 million tons.