Grain harvest may be less than expected

Russia’s two largest market research institutes significantly impaired  this year's Russian wheat and cereal harvest forecasts on Monday.

The SovEcon impaired its forecast of grain harvest from 70 – 74 million tons to 71 – 72.5 million tons. According to the institute, wheat harvest will be  around 39 – 41 million tons instead of the expected 40.5 – 42.5 million tons.

The IKAR Russian agricultural market analyst firm modified its expectations of grain from  75.4 million tons to 73 million tons No estimates were disclosed in connection with the wheat harvest. Russia is the world's third largest grain producer and one of the largest grain exporters. (MTI)