Russia is expected to see the biggest grain output this year since the end of Soviet Union, said head of the Russian grain union Arkady Zlochevsky on Wednesday.
Russian newspaper Rossiyskaya Gazeta quoted Zlochevsky as saying that 114 to 116 million tons of grain is expected to be collected this year.
According to the newspaper, Russia is expected to lead the world with an export of 30 million tons of wheat, surpassing the 27 million tons exported by the whole European Union.
Earlier, Russian Minister of Agriculture Alexander Tkachev said that Russia has become the world’s leader of wheat export, overtaking the United States and Canada.
Record U.S. corn and soybean forecast
South Dakota farmers will harvest less corn and soybeans this year, while nationwide farmers will reap record amounts of the crops, breaking last year’s record outputs, the U.S. Department of Agriculture reported Friday. Ten corn states, in fact, will reap record corn crops, USDA said.
The news pressured prices lower Friday, but they recovered as analysts questioned the figures and cited long-term rising world demand for the crops.