Wheat Recap 8/31
Choppy two sided trade today as market struggled with bullish and bearish elements today.
Bullish – SovEcon downgraded its estimate for the Russian wheat harvest to a nine year low of 38 mmt down 1 mmt from its previous estimate, this type of production would limit exports to 8 mmt and at the current pace that number would be hit by November.
Bearish – talk that Russia will not impose any type of export limitations on exports due to a longer term loss of confidence in the ability of Russia to be a reliable supplier for its export customer.
