News
12.08.2010
US wheat exports 'to jump by 10m tonnes'
US wheat exports will jump nearly 10m tonnes this year as it picks up trade lost by the drought-struck former Soviet Union, Strategie Grains has said, raising its estimate for Europe's shipments too.
The influential analysis group sliced its estimate for Russia's soft wheat shipments, which topped 17m tonnes last year, to 2.1m tonnes following the export ban prompted by the country's worst drought on record.
The figure is lower than that of many other analysts, with Rabobank pegging total wheat shipments at "no more than" 3m tonnes, while Macquarie has forecasts Russia's net exports at 3.2m tonnes.
The lion's share of the lost trade would be picked up by America, Strategie Grains said, lifting its estimate for US soft wheat exports by nearly 6m tonnes to 33.6m tonnes.
At that level, they would exceed last year's by 9.7m tonnes, and be among the higher levels of the last two decades.
For the European Union, the analysis groups ditched fears of a deep drop in shipments, raising its estimate by 3m tonnes to 18.7m tonnes, a figure in line with that in 2009-10.
Agrimoney.com
