MOSCOW, RUSSIA — Russia’s IKAR agricultural consultancy lowered its estimate for Russia’s wheat crop to 86 million tonnes from 91 million tonnes, Reuters reported.

Wheat exports also decreased to 47 million tonnes from 50.5 million tonnes.

In 2023-24, Russia produced an estimated 91.5 million tonnes of wheat with exports at 51 million tonnes.

Russia plays a significant role in global wheat exports, particularly for countries in Africa and the Middle East, providing about 20% of global exports.

The lower estimates come at a time when Russia is urging the BRICS, an emerging markets trade alliance composed of Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirate, to establish an inter-bloc grain exchange.

BRICS members accounted for 1.17 billion tonnes of grain production per year, 42% of the global volume. Combined consumption stood at 1.1 billion tonnes, which is 40% of global consumption. Following the BRICS expansion, the figures reached 1.24 billion tonnes and 1.23 billion tonnes, respectively.