RUSAGROTRANS HAS INCREASED ITS FORECAST FOR WHEAT EXPORTS IN SEPTEMBER BY 450,000 TONS.

The analytical center of the company “Rusagrotrans” has increased its estimate of wheat supplies abroad this month by 450,000 tons — from the earlier 1.75 million to 2.2 million tons. The forecast was raised amid growing export rates in several export destinations. In addition, forecasts for global wheat and corn reserves and data on recent supplies are presented. Today, expectations regarding the remaining stocks of both crops have turned out to be more optimistic than the current market expectations. The United States is an example. Despite the fact that the estimate for corn production in the country was reduced more than expected, it was offset by a decline in the forecast for crop consumption as well. As a result, the ending stocks in the United States also turned out to be higher than the market had expected. As for exports, Algeria showed the latest activity among importers on September 15. The African country purchased 510,000 tons of wheat. The grain was purchased at prices of $319–$321 per tonne, with delivery in November on C&F terms. This is $30 more expensive than the previous tender held on August 5. According to publicly available data, a number of countries, including the USA, Canada, Ukraine, and the Netherlands, became suppliers on September 15. And on August 5, Algeria purchased about 720,000 tons of wheat at the tender under the same terms for $289–290 per ton.
Source: https://rosng.ru/post/rusagrotrans-raised-the-forecast-for-wheat-exports-in-September-by-450-thousand-tons