• Grain and wheat stocks record-high for recent years
• High stocks in the South will support exports at the beginning of new season
• Authorities could change export taxes in the new season
• Saudi Arabia became top destination for Russian wheat again
• Wheat export estimate upped
• Freight remains an issue but Russian risk premium is falling
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.
One email every Monday on key events in the Black Sea from Andrey Sizov