AgResource Analysis of the June WASDE Report
USDA raised new crop exporter stocks to 64.7 MMTs vs. 62.3 MMTs in May and vs. 60.6 MMTs in 2020/21. Combined EU & Russian production was raised 4.5 MMTs. Favorable weather across Southern Russia was cited. AgResource views USDA’s 86 MMTs Russian wheat production forecast as lofty, but the global wheat market in 21/22 will…