Market Morsel: Russian wheat volume to increase?
Market Morsel
SovEcon, a leading Black Sea agricultural markets research firm, has issued a new 2022 Russian wheat crop forecast. Russia is projected to produce 81.3 mmt of wheat vs 75.9 mmt in 2021. The forecast hasn’t changed since December.
The weather conditions for the new crop have been developing favourably so far. The temperatures stay way above the critical threshold. The amount of precipitation in the South is above average. In other regions, it is close to average.
A big part of winter is behind us, there is less time left for the weather to damage plants. However, the riskiest time is still ahead of us as crops are often more vulnerable to adverse weather in late winter and early spring. For example, such a situation happened in the previous year, when the widespread ice crust crossed out the hopes of Central Russia for a bumper crop.
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