USDA updated its 2020/21 grain crop forecast

Wheat

The wheat production and export forecast for Ukraine was reduced by 1.5 MMT. For Russia, the production estimate was left unchanged, but exports were raised by 1 MMT, to 36 MMT. USDA experts believe Russia will regain its top position among exporters next season due to a production decline in Ukraine and the EU. No changes were made in the figures for Kazakhstan.

Corn

The optimistic estimate of Ukrainian corn production remains unchanged at 39 MMT (up almost 3 MMT from MY 2019/20) due to expanded plantings and favorable weather conditions. The corn production and export forecasts for both Russia and Kazakhstan did not change.

Barley

Slight cuts were made in the barley production forecasts for both Ukraine (-0.3 MMT) and Russia (-0.2 MMT) as drought had killed part of winter crops in their southern regions. No changes with regard to Kazakhstan.

USDA: Estimates for Black Sea grain production and exports in 2020/21 season, MMT (June)

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