Russia: Grain and Feed Update
Based on the officially reported data, FAS/Moscow increased its forecast of Russia’s total grain crop in MY 2014/15 by 2 million metric tons (MMT) to 104 MMT. The forecasted crop includes 59 MMT of wheat, 20 MMT of barley, 11 MMT of corn, and almost 14 MMT of other grains and pulses. The volatility of the ruble exchange rate has stimulated exports of Russian grain, and during the period July through December 2014 Russia exported 21.3 MMT of grain, more than in any similar period of Russian history. However, exports in January – July 2015 will drop because of wheat export tariffs expected to come into force on February 1, 2015, and new administrative measures restricting exports. Thus, FAS/Moscow decreased its grain exports forecast from 30 MMT to 27.4 MMT, including 19.5 MMT of wheat, 4.4 MMT of barley, 2.4 MMT of corn and approximately 1.1 MMT of other grains and pulses.
