Crop analysts expected to see Russia grain exports rebound sharply in 2011-12 but summer heat and dryness in the southern Volga may have taken a bite out of production. Serious yield losses also occurred from spring drought in the normally productive Black Earth grain belt.
SovEcon the respected analysis group twice reduced its estimate for Russia grain production in August, first calling for 87-90 million metric tons and then dropping the number to 87-88 million metric tons near month end. Russia annual grain consumption is around 77-78 million tons, still leaving a substantial surplus for export, but less than originally anticipated.
The southern Volga experienced hot dry growing conditions mid-summer reducing grain prospects... subscribers continue to full story...