RUSSIA’S WHEAT PRODUCTION LOWERED
Russia’s IKAR agricultural consultancy lowered its estimate for Russia’s wheat crop to 86 million tonnes from 91 million tonnes, Reuters reported. Wheat exports also decreased to 47 million tonnes from 50.5 million tonnes. The lower estimates come at a time when Russia is urging the BRICS, an emerging markets trade alliance composed of Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirate, to establish an inter-bloc grain exchange. BRICS members accounted for 1.17 billion tonnes of grain production per year, 42% of the global volume. Combined consumption stood at 1.1 billion tonnes, which is 40% of global consumption. Following the BRICS expansion, the figures reached 1.24 billion tonnes and 1.23 billion tonnes, respectively. Russia’s overall grain crop is estimated at 135 million tonnes, down from 142 million tonnes. Total grain exports are now estimated at 59.5 million tonnes, down from 64.5 million tonnes.
(Link: WorldGrains)
CORN PLANTING PROGRESS FALLS JUST SHY OF THE HALFWAY MARK
The USDA says as of May 12, 49% of the 2024 corn crop has been planted in the top 18 corn-growing states. This is up from 36% the week prior but behind the five-year average of 54%. Corn has started to emerge in 15 of those states, with 23% out of the ground. That’s up from 12% the week prior and ahead of the five-year average of 21%. With progress at 35%, USDA says soybean planting is underway in all the top 18 growing states. This is up from 25% the week prior and barely ahead of the five-year average of 35%. Soybeans have emerged in 17 of the 18 states, with 16% out of the ground. The USDA says 57% of winter wheat has headed across 15 of the top 18 growing states. This is up from 43% the week prior and ahead of the five-year average of 44%. The USDA says spring wheat planting progress in the top six growing states is at 61%, up from 47% the week prior and ahead of the five-year average of 48%.
(Link: SuccessfulFarming)
