One of the curious developments from the August WASDE was USDA’s handling of the European, Russian, and Ukrainian corn and wheat balance sheets. The EU has battled significant drought and heat this year, while Russia and Ukraine are increasingly locked in a battle for control over the Black Sea and Sea of Azov that is effectively blocking grain (and other products) exports from the region. Despite these realities, the USDA’s numbers look far rosier than what the market is pricing in. Let’s start by reviewing the USDA’s adjustments to these crops and their export forecasts this month. For Wheat:
USDA cut EU wheat production by 1.8 MMT but left exports unchanged USDA left Russia’s wheat crop unchanged at 8...
What You Need to Know Today: U.S. and Chinese officials are expected to discuss agriculture and non-tariff trade barriers ahead of Chinese President Xi Jinping’s visit to Washington later this month, potentially opening the door to additional U.S. agricultural purchases or improved marke...
Key Takeaways: Dry bulk markets are mixed this week with larger vessel classes seeing strong demand from iron ore and coal while Supramax and Handysize rates remain steady. Congestion at the Panama Canal has eased but forward booking slots are showing signs of bottlenecks as draft levels...
