USDA lowers export forecast for Black Sea region

Today's WASDE by the USDA is the first to assess the effects of the current Ukraine crisis. With regard to the export forecast for both countries, the red pen is applied. Russia's export values will be reduced from 35 million tons to 32 million tons, the reason for this being the ongoing sanctions against the country. Due to the lack of export capacities in the Ukraine, the export volume there will be reduced from 24 million tons to 20 million tons. Because of the military conflicts and the high price level, the analysts at the USDA expect world trade to decline overall. Cuts are also being made on corn. The export forecast for Ukraine will fall by 6 million tons, but unlike wheat, this drop in volume cannot be offset by other producing countries. In view of the poor vegetation weather in South America, the harvest volume for South America is reduced again. Brazil's volume is revised down 7m tonnes from the February estimate, while Argentina has 1mn tonnes on the strike list. On the CBoT, all products trade in the red.