• The downtrend in wheat is over, FOB prices rose $2 to $187/mt
• Domestic market prices continue to decline on new crop
• Russia plants winter crops at record pace
• Decline of wheat export prices slows down, the world market potentially has bottomed
• USDA cut new Russian wheat crop by 0.5 MMT, SovEcon ups it by the same figure
• Winter planting ahead of last year, weather improves
I am the Managing Director of SovEcon, a leading firm focused on the Black Sea agricultural markets research. For 27 years we have been forecasting crops and exports, assesing stocks and consumption and looking at other key price drivers. Every day we talk to farmers, traders and officials gathering market intelligence and sorting out the market noise.