Mumbai, May 13 (Commodities Control): The Institute for Agricultural Market Studies (IKAR) has revised down its forecast for Russian grain production, citing challenging conditions. The latest forecast now stands at 86 million metric tons (MMT), down from the previous estimate of 91 MMT.
In addition to lowering the overall grain production forecast, IKAR has also reduced its outlook for Russian grain exports. Despite the adjustment, exports are still expected to reach a significant 47 MMT, albeit lower than the earlier projection of 50.5 MMT.
The total grain harvest forecast for Russia has been revised down to 135 MMT from 142 MMT, reflecting the extent of the challenges faced by the agricultural sector. Correspondingly, IKAR has also adjusted its estimate for grain exports to 59.5 MMT, down from the previous projection of 64.5 MMT.
These adjustments underscore the impact of adverse weather conditions and other factors on Russian grain production and export potential. With Russia being one of the world's leading grain exporters, these revisions could have implications for global grain markets and prices. Analysts and industry stakeholders will be closely monitoring developments in the Russian grain sector in the coming months.
(By Commoditiescontrol Bureau; +91-9820130172)
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