ABARES has raised its expectations of the wheat production in Australia in 2020/21 to 31.17 million tons from 28.91 million tons in their previous forecast.
According IGC’s report in November, the world corn production will reach 1.146 million tons (1.156 million tons in the report for October and 1.124 million tons in 2019/20) in 2020/21.
For the last few weeks, the news about the new wheat harvests in Australia and Argentina has shown a strong impact on the market and prices are falling.
SovEcon raises its estimate for wheat exports from Russia in 2020/21 by 1 million tons to the total of 40.8 million tons compared to the previous estimate.
According to Shanghai JC Intelligence Co Ltd, in 2017/18, corn import to China will reach 5 – 5.5 million tonnes. The Ministry of Agriculture expects corn crop in amount of 210.1 million tonnes.
In the last month China purchased 10 – 12 lots of corn from the US with total volume of approximately 700,000 tonnes at latest price 232 USD/tonne C&F.
