IGC Revises Wheat Trade Forecasts
In its latest Grain Markets Report, the International Grains Council (IGC) has made a number of revisions to its forecasts for global wheat trade in 2016/17 (Jul-Jun). Following a slower pace of shipments, projected EU and Russian grain exports have been cut by 0.6 Mt and 0.5 Mt, to 25.3 Mt and 28.0 Mt, respectively. By contrast, forecast Ukrainian exports have been lifted by 0.7 Mt to 15.7 Mt. There have also been upgrades to expected Argentine (+0.4 to 9.1 Mt) and US (+1.2 to 26.9 Mt) shipments, with the latter now forecast at a three-year high.