Russia, the world’s third-biggest wheat exporter last season, is expected to ship 10 million tons of the grain this season, the U.S. Department of Agriculture said, raising its October estimate of 9 million metric tons.
That would make Russia the fifth-biggest exporter, after the U.S., Canada, the European Union, and Australia, according to the USDA’s World Agricultural Supply and Demand Estimates report today. The estimate was raised due to “strong shipments from the Black Sea region,” according to the report.
Russia’s wheat exports reached 8.2 million tons from July through October, the Grain Producers’ Union said Nov. 1. The country’s wheat production is seen unchanged at 38 million tons, down from 56.2 million tons a year earlier, according to the WASDE report.
Russia, whose crops have been seared by drought this year, harvested 72.9 million tons of grains from 99 percent of the sown territory by Nov. 7, or 24 percent less than a year earlier, according to Agriculture Ministry data. The wheat crop is 39.6 million tons from 99 percent of the planted fields so far. The harvest is before drying and cleaning.
Wheat futures for December delivery fell 1.1 percent to $8.9225 a bushel by 7:22 p.m. Moscow time. It’s advanced 37 percent this year.