Australia’s 2017 wheat crop is forecast to be 24 million tonnes, down from a record 35Mt in 2016, due to depressed cereal prices and an autumn which is forecast to be drier and warmer than average, according to the latest USDA Grain and Feed Annual report.
March export growth in Turkey reflected in the aggregate supplies of wheat in the agricultural year – as of April 19, Russia has put 5.7% more wheat than in the same period last year.
Russian exporters at the end of March this year put Turkey 322 thousand MT of wheat in February deliveries amounted to only 82 thousand tons, follows from the data of the analytical centre « Sovekon ».
The US Department of Agriculture data showed that US farmers planted 11% of their corn crop last week, nearly catching up with the average sowings progress after a rain-delayed start.
Corn plantings were, as of Sunday, 17% complete – just 1 point behind the average pace, and 2 points above the level that the market had expected.
The bank forecast soybean prices to average $9.30 a bushel in the last three months of 2017, compared to the $10.10 a bushel average forecast last month.
Rabobank cited « a larger-than-anticipated South American crop, together with a forecast larger US 2017 planted acreage, » weighing heavily on price expectations for the rest of the year.
According to preliminary information, Ukraine exported 1053 KMT of wheat in March 2017, view of the heightened tension between Russia and Turkey, shipments to the Turkish market became more active in March. 46 KMT of wheat was supplied to Turkey that month – the largest volume since the season’s beginning (a total 73.4 KMT in MY 2016/17).
A report from the United States Department of Agriculture (USDA) says that Argentina would export a record of 28 million metric tons in next season. The reason for that is that production would hike to 39 million metric tons, comparing to 38.5 million metric tons expected for the 2016/2017 season.
The Ministry of Agriculture of Russia expects for settlement of the disputes with Turkey on supplying of Russian grains within the following two weeks, declared the Minister of Agriculture of the Russian Federation, Alexander Tkachev on April 26.
Source: APK Inform
The council, in its second estimate for the world grains balance sheet in 2017-18, raised its estimate for inventories at the close of the season by 7m tonnes to 491m tonnes.
The estimate for corn output in 2017-18 was edged higher by 2m tonnes to 1.026bn tonnes, while that for wheat as raised by 1m tonnes to 736m tonnes.