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USDA Revises Black Sea Grain Export Forecasts


In expectation of higher import demand from the EU, the US Department of Agriculture (USDA) has revised up its forecasts for Russian and Ukrainian corn exports in the 2017/18 market year (Oct-Sep) by 0.5 Mt each to all-time highs of 6.0 Mt and 20.5 Mt, respectively.


However, the outlook for wheat shipments from the Black Sea in 2017/18 (Jul-Jun) is more mixed. The USDA has revised up the forecast for Ukraine’s exports by 0.5 Mt to 17.8 Mt, however, predicted Russian (-0.5 Mt to 27.5 Mt) and Kazakh (-0.2 Mt to 6.8 Mt) outbound shipments have both been downgraded.