Russia’s wheat production may fall to 53 million metric tons in the year starting July 1 from an estimated 56.2 million tons in the current period, according to an updated estimate by the U.S. Department of Agriculture.
A USDA unit in Moscow in May estimated Russia’s wheat crop at 54 million tons for the coming 2012-13 season. Russia is expected to be the world’s fifth-biggest wheat producer after the European Union, China, India and the U.S. in the next marketing year, falling from fourth in the current period, according to the USDA.
The USDA maintained its estimate for Russian wheat exports in 2012-13 at 16 million tons, against 21 million tons expected in the current season.
Wheat for December delivery rose 0.5 percent to $6.63 a bushel on the Chicago Board of Trade by 12:08 p.m. Moscow time.