Russia Latest

Posted by Nogger - a legend in his own mind at 12:02 | Categorized as

03/08/11 -- Russia has harvested more than 27 MMT of wheat and 3.8 MMT of barley so far off 32% and 18% of the forecast area, according to the Ministry there. Yields are up 32% on wheat and 39% on barley compared with last year.

The bare maths of that are interesting as they would suggest a wheat crop of 84 MMT a barley output of 21 MMT if the entire planted area got harvested with yields like that! Current USDA estimates are 53 MMT and 15.5 MMT respectively.

Domestic grain prices continue to fall, regardless of what is happening on the other side of the world. Having just shipped a record volume of grain for the month of July, the Russian Grain Union are now predicting August shipments to reach an all-time high for any month of 3.5 MMT.