Today's USDA Faux Pas
Have you spotted it yet? You might have heard that there's a drought on in India. Maybe you are aware that they had their worst monsoon rains in 83 years during June? Perhaps it may have come to your attention that India's monsoon season has produced 28% less rain than normal to date (June 1st - Aug 9th), with only six weeks to go until the rainy season ends? Here around 60% of the agricultural land is exclusively rain-fed, the remaining 40% relies on irrigation from reservoirs normally filled with abundant monsoon rains.
The sugar market has been hitting regular daily highs on the back of this drought, so what does this mean for wheat production potential in the world's second largest producer for the season ahead?
That's right it's increased by 3 MMT from last month to an all-time high of 80.58 MMT!
The sugar market has been hitting regular daily highs on the back of this drought, so what does this mean for wheat production potential in the world's second largest producer for the season ahead?
That's right it's increased by 3 MMT from last month to an all-time high of 80.58 MMT!
