Milling Wheat The Black Sea market was weaker last week due to the approaching harvest and pressure on the futures markets in the EU and U.S. The weather in Russia and Ukraine was not favorable for wheat development as the drought persisted in major production areas. The average estimate for the Russian crop is about 70 MMT versus 86 MMT last year, and such a production decrease would reduce the export surplus by about 10 MMT. Meanwhile, Ukraine’s export surplus is expected to be around 2 MMT lower than last year. Russian and Ukrainian origins are presently much more competitive versus the rest of the world. With the current price structure, 2018/19 export demand for Russian wheat will be similar to last year’s demand of about...
What You Need to Know Today: The corn and soybean markets closed slightly higher in low-volume trade. The wheat market was mixed, with HRW continuing its downward trek on improved moisture. As expected, the bearish cattle on feed report drove down cattle prices and pulled hogs down with it. Mi...
Monday, 25 May is a U.S. holiday, and both the markets and our office will be closed. Please note that the next issue of Ag Perspectives will be published on Tuesday, 26 May. The WPI staff wishes everyone a safe and enjoyable holiday weekend...
USDA’s monthly cattle on feed report was released today. The total number of cattle on feed in feedlots with 1,000 head or more capacity amounted to 11.6 million head, 102 percent of last year. Source: USDA, WPI Placements were up, but part of that is attributable to persistent drought c...
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Accountability and a comprehensive approach to export programming
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