Harvest Forecasts Cut

Two leading agricultural analysts cut their forecasts for the grain harvest Monday after harvest data from two drought-stricken eastern growing regions reduced the outlook for the overall crop.

SovEcon narrowed its grain forecast to 71 million to 72.5 million tons from a previous 70 million to 74 million tons after the start of harvesting in Urals and Siberia regions showed weak crop prospects.

It also cut the wheat harvest forecast to 39 million to 41 million tons from an earlier 40.5 million to 42.5 million tons.

The Institute for Agricultural Market Studies cut its grain crop forecast to 73 million tons from a previously expected 75.4 million tons, said its chief executive, Dmitry Rylko. It has not yet estimated the wheat harvest.

(Reuters)

Read more