As we look to the year ahead, World Ag Outlook Board chair Seth Meyer expects to see some changes for wheat.
“We made some consumption changes in Russia on the back year, which increased stocks. And this is all to get at the point that we increased Russia’s wheat export number by 1.5 million metric tons to 36.5 million metric tons. Now, we got beaten up earlier in the year for having 35 million metric tons, folks thought we were way too high. But the Russians have been exporting like crazy.”
This effects the U.S. what balance sheet. Meaning a reduction in U.S. wheat exports, thank to competition from Russia.
“They have been exporting a tremendous amount, and competing with us in what we kind of consider our traditional markets in this hemisphere, in Central and Latin America,” Meyer added. “You know, there are always going to be a bit price competitive because of transport to places like North Africa. But, in this hemisphere, we should be competitive.”
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