In Wednesday’s September WASDE report, we got an update on the global wheat crop, namely wheat ending stocks, but that caused a sell-off.
Still bowling over Russia’s record 85.8 million tonne winter wheat harvest last season?
Well, get ready for another bumper crop in 2018.
Russian wheat exports are climbing ever higher, hitting 28.4 million metric tonnes since July 1, 2017.
This is 41% higher than last year!
Will it slow down?
Today, I need to clue you in on a big story that is shaking up the global wheat markets… all because of oil production. It explains future wheat prices.
Ukrainian corn and wheat prices are converging!
Many buyers are considering switching over to feed wheat, as prices actually begin to favor wheat over corn.