Russian Grain Markets: 11-16 July 2012 GRAINS AND PRODUCTS Harvest Update On 16 July the Russian Ministry of Agriculture lowered its harvest forecast to a less optimistic 80-83 MMT of grains (bulk yield) in 2012. This compares to the ministry's previous forecast of 85 MMT and its forecast of about 94 MMT at the beginning of June. The latest forecast from the Federal Department of Meteorological Monitoring of the Environment puts the grain harvest at 83-86 MMT. Unless weather conditions worsen significantly, domestic market demand (about 71.5 MMT) will be satisfied in full and the excess grain can be exported (the current export potential estimate is 16 MMT). The Ag Ministry also reported that stocks in the state intervention fund will...