Weather spells trouble for EU wheat
Wheat traded firm this week as global supplies will suffice this year and demand is subdued. Australia’s production will, in addition, range higher than expected. Sydney based IKON Commodities has raised the estimate from 24-25 million mt to 30 million mt. Prospects are also upbeat in Russia with SovEcon raising estimates from 91 million mt to 92 million mt, which comes close to last year’s record 93 million mt.
Contrary to this, Tallage has revised the EU production estimate downwards by 2 million mt to 123 mi