Russia's wheat exports were slower than expected in July at only 1.3 MMT. There seems to be one main reason for this trend, which is forcing exporters to take excessive risks. Milling Wheat The Black Sea market remains under pressure as the harvest in Ukraine and Russia is progressing rapidly with yields reportedly exceeding expectations. Russia's crop is now estimated at approximately 59 MMT or about 4 MMT higher than a month ago. Its exports, however, are slower than expected at only 1.3 MMT in July. The main reason for this trend seems to be the lack of clarity regarding the new export tax regulation and its diverging interpretations by the different customs offices in Russian ports. This new tariff is equivalent to half of the differe...
What You Need to Know Today: Chinese purchases of U.S. soybeans continued to accelerate, with USDA reporting another 558 KMT sold to China and 236 KMT to unknown destinations. Combined with sales announced Wednesday and Thursday, the latest purchases bring the three-day total to approximately...
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