USDA slightly adjusted its estimates for the Black Sea region

Wheat. The forecast for global wheat production was somewhat reduced again, to 765.2 MMT (-0.3 MMT), mostly at the expense of Australia, the U.S. and Canada.

The forecasts for Black Sea countries did not change. To our surprise, the wheat production estimate for Russia was left at 72.5 MMT against market forecasts of 75-76 MMT, the Russian Ag Ministry’s forecast of 78 MMT, and the 76.8 MMT harvested by now from 96.8% of acreage.

Barley. Like the wheat forecast, that for barley underwent no change. However, in the opinion of UkrAgroConsult, the barley crop in Russia is underestimated. By October 9, Russian farmers had already harvested 21.3 MMT of barley from 95.7% of its acreage, reports UkrAgroConsult.

More detailed information on the latest trends in grain exports, supply and demand balances with breakdown by crop, price behavior, crop conditions and progress in harvesting/planting in the countries of Black Sea Region is available to subscribers for Online Analytics “Black Sea Grain” in the new innovative tool for agri market participants – AgriSupp.com by UkrAgroConsult. We offer 2-week trial! Completely free!

UkrAgroConsult