Major Exporter Wheat Stocks/Use
USDA added 7 MMTs to major exporter stocks in 2019/20. Major exporter stocks/use is estimated at 16.6%, vs. 15.4% currently. As expected, the exporter wheat balance sheet loosened, but only modestly so. Russian production is estimated at 77 MMTs. Larger Black Sea production can’t be confirmed until late May/early June weather is known. Major exporter…