Futures Close Report 2nd March 2020
Ukraine Grain Traders Union issued a forecast for 2020 wheat production down 500k tonnes to 25.8 million tonnes previously owing to a fall in planted area. Another agency ProAgro previously put the forecast at 26.23 million tonnes.
ABARES forecast for Australia production sees wheat production at 21.3 million tonnes – well up (+40%) on their previous drought afflicted levels. Australia is still circa 2 months away from their planting season so strictly speaking its guess work at this stage.