Russia

In 2024, Russia’s agricultural sector has experienced several changes impacting both the quantity and pricing of key products like wheat. The frost damage in the spring, particularly to winter wheat, has resulted in lower production forecasts for the 2024-2025 harvest. Industry analysts have downgraded the expected wheat output, with estimates now around 82 to 83 million metric tons, a significant reduction from prior forecastsS&P GLOBALTASS. Additionally, severe weather conditions, including dry spells and unseasonal frosts, have affected various crops like rapeseed and wheat, particularly in southern RussiaS&P GLOBAL.In response to these challenges, Russian authorities have been cautious about revising crop forecasts too early, although the negative weather impact remains a significant concern for yield potentialTASS. This has, in turn, influenced market expectations for grain prices, which are expected to rise due to reduced supply.Overall, the agricultural situation in Russia in 2024 reflects a combination of unfavorable weather conditions and policy management to navigate these challenges, impacting both the quantity of production and the pricing trends in the market.