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IGC Revises Wheat Export Forecasts

Grain

The International Grains Council has sharply lifted it’s forecast for Australian wheat exports in the 2016/17 harvest year (Jul-Jun) by 3.5 Mt to 23.0 Mt, citing the expectation of strong shipments in the coming months as a result of a large harvest and competitive pricing. The forecast for Argentine wheat shipments has been lifted by 0.5 Mt to 8.7 Mt for similar reasons. By contrast, a slowing in exports from Russia has seen the country’s predicted wheat exports in 2016/17 cut by 1.5 Mt to 28.5 Mt, although they are still expected to be well above 2014/15 levels.