Russia: Grain and Feed Update
FAS/Moscow increased its forecast of Russia’s total grain crop in MY 2015/16 by 1 million metric tons (MMT) to 103 MMT. The forecasted crop includes 61.0 MMT of wheat (the same as the official USDA forecast), 17.1 MMT of barley (the same as the official USDA forecast), 12.7 MMT of corn (0.3 MMT lower than the official USDA forecast), and almost 12.2 MMT of other grains and pulses. The forecast is based on the Russian State Statistical Service (Rosstat) preliminary crop production data. FAS/Moscow forecasts grain exports at 31 MMT, including 23.0 MMT of wheat, 3.7 MMT of barley, 3.8 MMT of corn and from 0.3 MMT to 0.7 MMT of other grains, pulses and grain products. FAS/Moscow forecast of exports of wheat is 0.5 MMT lower than the official USDA forecast, while barley and corn exports forecasts match the official USDA forecasts. Despite decreasing world market prices of wheat, barley and corn, Russian exports are supported by the volatility of the ruble exchange rate and a good crop.
