Russian Harvest Reaches 50%

[CRM AgriCommodities]

​ Russian harvest pressure and continued favourable weather in the US and Canada is leading to building pressure in grain markets as crop estimates are revised upward. Corn / Maize Disappointing old crop weekly US net sales of 101.6KT for 2019/2020 were down noticeably from the previous week and down 70% from the prior 4-week average. Exports were also down at 685.5KT 29% below the previous week and 34% from the prior 4-week average. For 2020/2021, net sales of 2.6MT were made, primarily for China 1.94MT, continuing to add some support for US – China trade relations. Wheat / Barley The Russian harvest continues to march forward reaching 49.4% complete today according to the Russian Ministry of Agriculture with good grain yields. Weekly US net sales of 605KT for 2020/2021 were disappointing and down 11% from the previous week, but up 2% from the prior 4-week average. Meanwhile, actual exports of 598.1KT were up 18% from the previous week and 15% from the prior 4-week average. While northern hemisphere wheat is under pressure, conditions in Argentina remain less favourable. Dry conditions and locust damage remains a concern as a fifth swarm advances, threatening wheat crops, but corn will soon too be threatened. Oilseeds & Oil US weekly net sales of 345.2KT for 2019/2020 were up 72% from the previous week, but down 22% from the prior 4-week average. Exports of 814.1KT were up 32% from the previous week and 57% from the prior 4-week average. For 2020/2021, weekly net sales of 1.405MT were primarily for China 474KT. Although China has continued to purchase US soybeans, US soybeans and meal have fallen further today.

​ Latest Analysis (Click Article)

​

​

​

​

​ Signup to Graintab - All CRM Agri Members have access, get in touch if you require credentials. Don't forget you can get news like this in your inbox daily by clicking here.