The EU has announced tariffs on grains and oilseeds from Russia and Belarus to restrict the imports due to the ongoing invasion of Ukraine, the tariffs will commence on 1 July. Tariffs will be €95/t for grains and 50% for oilseeds.
The Australian Bureau of Agricultural and Resource Economics have predicted that Australia's wheat crop for 2024/25 will be at 29.1 million t as plantings draw to an end.
Dryness is forecast to remain for affected parts of Russia and Ukraine heading into the summer as soil moisture deficits continue to expand.
Most recently, US winter wheat was rated at 48% good to excellent, below trade estimates and down 1% on previous weeks. Harvest has begun in Texas with 10% of the winter wheat harvested according to Texas wheat.
Ukraine has exported 47 million t of grain in 2023/24 up from 45.6 million t during the same period of 2022/23 according to the Ukrainian Agricultural Ministry.
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