Russia Cuts Grain-Crop Forecast as Much as 5.9% on Drought

Russia’s Agriculture Ministry cut its grain-crop forecast by as much as 5.9 percent because of a drought.

The national crop will come to 80 million to 85 million metric tons, the ministry said in a statement on its website today. Estimates are under constant revision, it said. Agriculture Minister Nikolai Fedorov yesterday reiterated a forecast for an 85 million-ton crop. Farmers have harvested more than 15.7 million tons of grain, including 13 million tons of wheat, the ministry said.

Russia will have an exportable surplus of at least 16 million tons of grain in the year ending in June, with domestic consumption forecast at 71.5 million tons, according to the statement. Exports may come to 16 million to 20 million tons, the minister said yesterday.

The country has “enough grain resources” to prevent domestic prices from surging given government stockpiles, the ministry said.

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