F.O. Licht's Grains Production Update: Black Sea crops add to decent supply growthThis article was originally published in The Public Ledger
The outlook for the 2013/14 (Jul/Jun; except where stated) grain season for the supply side points to some improvements, especially due strong crops with the Black Sea producers and in North America. Going further into the 2013/14 crop year, there may be some bullish input for prices from lower than expected wheat and corn supplies in Argentina and less encouraging reports on winter wheat plantings in Ukraine and Russia. When considering the worldwide inventory levels for the key cereals, there are no signs of a glut of grains on the global market, despite the positive harvest outlook and the higher stocks with main exporters.