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As of September 1, wheat stocks in agricultural organizations amounted to 24.8 million tons, which is 14% less than last year, according to the report by "SovEcon". In the previous month, stocks were 22.5 million tons, which is 20% more than a year ago. The decrease in stocks is due to the unsatisfactory level of the Russian wheat harvest and active exports.
The Russian wheat harvest has decreased due to unfavorable weather conditions compared to previous years. The production of Russian wheat is estimated at 82.9 million tons compared to 92.8 million tons the previous year according to "SovEcon".
At the beginning of the harvesting campaign, harvesting in the European part of Russia was at a high level, which led to large stocks. By the beginning of August, 54.2 million tons of wheat had been harvested in Russia compared to 43.2 million tons the previous year.
Despite the modest harvest, wheat exports from Russia are active. In the first two months of the current season, 9.5 million tons of wheat were sent abroad, slightly less than the previous year's record of 9.7 million tons.
Analysts at "SovEcon" estimate wheat exports for the 2024/2025 season at 47.6 million tons, compared to 52.4 million tons last year.
"Despite the decrease compared to the last two years, stocks remain at a high level, which will put pressure on the domestic market," analysts report.
