SovEcon expects a large Russian harvest

The Russian agricultural consultancy SovEcon has increased its forecast for the Russian wheat harvest in 2020 by 1.6 million tons to 80.9 million tons. The forecast for the Russian barley harvest has been increased by 500,000 tons to 19.5 million tons. The reason for the increased forecasts are high yields in several regions.
Strong earnings growth was reported in central Russia and the Volga region, which signals higher export prospects. Russia is the second largest wheat exporter in the world after the European Union.
However, SovEcon's estimate for Russia's total grain harvest in 2020 has been downgraded by 400,000 tons to 126.1 million tons as its corn estimate was lowered by 1.2 million tons to 13.6 million tons, it said in one Message.
ICAR, another leading consultancy in Moscow, also raised its wheat harvest estimate earlier this week, adding that it was "a phenomenal year" given Russia's steady growth in yields.
Russian farmers have already harvested 59.8 million tons of wheat on 55% of the land. The average yield is 3.70 tons per hectare.
As in 2017, when Russia had a bumper crop, the Volga region is the one that turned a large crop into a very large one, "SovEcon said, adding that weather conditions in Siberia and the Urals remain difficult for the harvest to take place are.
The estimate of Russian corn production has been greatly reduced due to the poor sowing conditions in the southern regions, which are home to 45% of the country's corn sown area.

Hansa Terminhandel GmbH
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