Assuming the latest EU soft wheat crop forecasts are correct and also a 2 MMT increase in domestic feed wheat consumption, a minimum of 30 MMT will need to be exported this year. The current prices and pace of exports, however, could make that difficult to achieve. Milling Wheat The Black Sea market remained under pressure last week as demand is very slow. The forward positions (November/December/January) are offered at about $4/month carry, which buyers refuse to pay. The Russian government is studying the possibility of reducing the current export tax in an effort to increase the domestic price level. If the limit for calculating it is raised from 5,500 rubles to 6,500 (the level observed by the government), the export tax may fall from...
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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