Russian Harvest Latest

Russian farmers have got off to a flyer this year, harvesting 5.4 MMT of grain already, according to the Ag Ministry. That's a million tonnes more than at the same time last year, as farmers began the harvest early because of the ongoing drought.

There's another 80 million tonnes to go yet, if you believe what the Ministry say. I don't though, I reckon they'll be all done by tonight!

Nah, not really, but if they do manage to cobble 85 MMT together out of that lot then I'm a World Cup finalist (a Dutchman, geddit).

Still, it's not a problem, as there's 24 MMT old crop stocks left in store, if you also believe what the Ministry say. Unfortunately I don't believe that either!

Although I fully expect the Russians to be aggressive exporters early in the season, we could see things slacken off considerably once we get into the new year, much in the same way that Ukraine faded off the radar early in 2010.