USDA Releases 2017/18 Grain Trade Forecasts
In its first full set of forecasts for the 2017/18 market year (Jul-Jun) the US Department of Agriculture (USDA) is forecasting global wheat trade will rise by 2.4 Mt year-on-year, to a record 181.1 Mt. This features a rebound in shipments from Canada and the EU, combined with further growth in Russian cargoes, alongside weaker exports from the US and Ukraine.
Meanwhile, after dropping to just 23.0 Mt in 2016/17 (Oct-Sep), Brazilian corn exports are forecast to rebound to 33.0 Mt in 2017/18, helping lift world corn trade to 149.7 Mt. However, increased competition from Brazilian cargoes is expected to mean US corn exports fall by 8.5 Mt to 47.5 Mt.