11.
09.18
05:34

Russia and Australia's grain offerings are sinking

Since yesterday, the wheat prices on the CBoT rise again and are currently reaching a weekly high. The narrow market supply from the surplus regions Russia and Australia is cited as reason.
In Australia, the world's fourth-largest wheat exporter, the wheat harvest estimate will be cut by 13%, as drought on the East Coast could reduce the harvest to a 10-year low. Now, the consulting firm ABARES expects a harvest volume of 19.1 million tonnes for 2018/19.
The Deputy Prime Minister of Russia, who is also responsible for agriculture, announced yesterday that the harvest will be so large that it will be able to make 30 million tons of grain exports during the current marketing season. Some traders interpret this as limiting exports from this key figure.
Dry weather conditions in the southwestern Volga Valley could cause a delay in the emergence of the winter crop for the 2019/20 crop, according to consulting firm Radiant Solutions.
After a week of seemingly unchanged prices in Russia, it is now reported that grain prices are falling dramatically there.This is what the director of the agricultural department in the Commonwealthbank of Australia wants to know. The explanation for this could lie in the fact that previously discussed export tariffs initially led to a higher demand for cereals, which has now subsided. Graphic: Saxo-Trader

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