USDA Downgrades Grain Export Forecasts
Wheat export forecasts for Russia and Canada for the 2021/22 market year (July-June) were downgraded by the US Department of Agriculture (USDA) owing to poorer production prospects, the agency said in its latest grain markets report.
For Russia, exports in the period are now set to reach 35.0 Mt, down 5.0 Mt from the July forecast, with Canada downgraded by 5.5 Mt to 17.5 Mt.
However, forecast wheat exports from the EU, Australia and Ukraine were upgraded to 35.0 Mt, 23.5 Mt and 23.5 Mt, respectively.
Corn export forecasts for Brazil were also downgraded for 2021/22 (October-September), from 37.0 Mt to 34.0 Mt, owing to expectations of slow shipments during October 2021 through March 2022 after a smaller second harvest this year.