Commodities

Sovecon cuts its forecast for Russia's 2021 wheat crop

Credit: REUTERS/ALEXEY MALGAVKO

Russia's Sovecon agriculture consultancy said on Tuesday that it downgraded its forecast for Russia's 2021 wheat crop by 2.3 million tonnes to 82.3 million tonnes due to lower than expected yields at the start of harvesting.

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MOSCOW, July 13 (Reuters) - Russia's Sovecon agriculture consultancy said on Tuesday that it downgraded its forecast for Russia's 2021 wheat crop by 2.3 million tonnes to 82.3 million tonnes due to lower than expected yields at the start of harvesting.

Russia is the world's largest wheat exporter, supplying it mainly to Africa and the Middle East. The European Union is its main competitor in this market.

Sovecon's barley estimate remained at 18 million tonnes, while the forecast for maize (corn) crop was raised to 15.9 million from 15.75 million tonnes, it said in a note.

Sovecon currently expects Russia's 2021 grain crop to reach 128.9 million tonnes.

(Reporting by Polina Devitt; editing by Louise Heavens and Jason Neely)

((Polina.Devitt@thomsonreuters.com))

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