Russians reduce export forecasts

The Russian analysis company SovEcon revised its export forecast downwards again on Tuesday. The experts reduced their estimate for the 2024/25 season by 0.6 million tons to 42.2 million tons within a month. Overly positive export sentiment was cited as the main reason for the renewed correction. In view of the lower harvest, the stronger domestic currency and the weak export margins, the experts do not expect volumes to increase significantly.