Considering the Black Sea's high level of old crop stocks held by farmers and the arriving big crops, the total feed wheat supply at the start of the 2016/17 campaign is expected to be record high. Whether that situation will result in significant harvest pressure will depend on two factors. Milling Wheat The Black Sea market remained firm during the past two weeks with the new crop values staying about unchanged despite the favorable weather and better yield potential as farmers are still reluctant to start selling. The Ukrainian crop has been revised upward by most analysts with the average estimate now about 21-22 MMT versus 18 MMT approximately a month ago. In Russia, the crop is expected to be about 2-3 MMT higher than last year.The...
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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