Russian Harvest Turning Into A Disaster
SovEcon have cut their estimate for this year's Russian grain harvest to 77-81 MMT, according to this article on the excellent Agrimony.com.
They say that the wheat crop could fall below 50 MMT this year, with yields on some places coming in at less than a tonne/hectare. The barley crop has also been badly hit, they add.
The USDA's take on things later today will be interesting, but somehow I just don't see them downgrading production estimates in Russia, Kazakhstan, Europe and Canada anything like as much as they probably should.
They say that the wheat crop could fall below 50 MMT this year, with yields on some places coming in at less than a tonne/hectare. The barley crop has also been badly hit, they add.
The USDA's take on things later today will be interesting, but somehow I just don't see them downgrading production estimates in Russia, Kazakhstan, Europe and Canada anything like as much as they probably should.