Russia Grains Harvest Starts With Promising Yields; Despite Record Exports, Stocks Will Build Again.
Bottom Line: Russia is the world’s largest wheat exporter. In that capacity, Russia’s S&D has a significant impact on global wheat prices. USDA is projecting Russian wheat yields this year to be 2.51 MT/Ha, down about 5% from last year’s record yields. However, the first harvest report for this year shows “all grains” yields…