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

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.