Russian Wheat Optimism Is Fading as Heat Shrinks Bumper Crop
- While crop will still be big, outlook has worsened recently
- Exports have started season on back foot amid more competition
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Wheat farmers in Russia, the world’s top shipper, have started the new season a lot less optimistic than they were just a few months ago.
Heat and dryness have curbed the crop’s potential, prompting analysts to keep downgrading their outlook for the harvest and exports. As well as hurting yields, the weather has improved crop quality to the point where it’s harder to sell, and the nation’s exports are off to a slower start.