Argentina Expects Record Wheat Production for the Coming Crop Year
The Buenos Aires Grain Exchange announced an estimate of 21 MMT of wheat to be harvested for the 2018/19 crop year, which would be a record for the South American country. Planted hectares are expected to be 6.32 million hectares (15.6 million acres), up 11% from the previous year and also a record. Argentine farmers have been seen ideal planting conditions for their wheat planting, with cool temps and moist soils. Planted area for corn is also expected to increase by 6 percent to 6.8 million hectares (16.8 million acres) and production is estimated at nearly 46 MMT.
Export Sales Announcement
Private exporters reported to the U.S. Department of Agriculture export sales of 210,000 metric tons of soybeans for delivery to unknown destinations. Of the total 80,000 metric tons is for delivery during the 2017/2018 marketing year and 130,000 metric tons is for delivery during the 2018/2019 marketing year.
Ukrainian Government to Limit Wheat Exports to 16 MMT for 2018/2019
After rumors of halted exports last week that drove wheat prices higher, the Ukrainian agricultural ministry announced today that the total amount of wheat destined for export will be capped at 16 MMT. Of this 16 MMT, 8 MMT is milling wheat. In 2017/18, Ukraine shipped out 17.2 MMT of wheat, 10 MMT of which was milling wheat. This crop year, officials in Ukraine expect to harvest 24 MMT of wheat following poor conditions throughout the growing season.
USDA WASDE Report Released at 11 A.M. Central
According to analysts, the U.S. corn production estimate is pegged at 14.411 billion bushels with the average estimate for yield is 176.1 bpa. This compares to the FBN yield estimate of 178.1 bpa. Production for soybeans is estimated at 4.407 billion bushels with an estimated yield of 49.6 bpa. The USDA’s yield for last year’s beans was 49.1 bpa for a harvested output of 4.392 billion bushels. Old crop stocks for corn are expected to draw down to 2.021 billion bushels, down from the July WASDE stocks number of 2.027 billion bushels.
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