Commodities Buzz: Russia To Witness 100 Million Tonnes of Grains In 2018

As per Russian Agriculture Minister, Russia is expected to harvest up to 100 million tonnes of grain, lower than many analysts forecasts, due to dry weather in its southern regions and delayed sowing.

SovEcon and IKAR, the leading agriculture consultancies in Moscow, expect the harvest to reach 119.6 million tonnes and 114.7 million tonnes, respectively.

Last year, the agriculture ministry was far more pessimistic about the 2017 crop than the majority of analysts until the last minute, probably hoping to constrain the fall in prices with low forecasts.Russia, one of the worlds largest grain exporters, has already harvested more than 1 million tonnes of grain before drying and cleaning, but yields are so far 0.4 tonnes per hectare lower than a year ago, Patrushev told a government meeting. He did not provide further detail about yields.