The U.S. Department of Agriculture pegs Russia’s 2023-24 wheat production at 85 million tonnes, which is in line with the European Crop Monitor’s forecast of 86.7 million tonnes. However, Russia’s agriculture ministry is forecasting a much smaller crop of 78 million tonnes. | Reuters/ Alexey Malgavko photo

Black Sea wheat estimates difficult to pin down

Black Sea wheat production forecasts are all over the map as analysts grapple with lingering uncertainty in that region. “There’s wildly varying estimates on production,” said MarketsFarm analyst Bruce Burnett. Global supply of wheat could swing by millions of tonnes depending on which forecast proves correct. “This is the largest wheat-exporting region in the world […] Read more