U.S. Cuts Estimates for Ukraine, Russia Wheat Exports on War
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The U.S. Department of Agriculture lowered its estimate for Ukraine and wheat and corn exports due to the attack by Russia.
The USDA in its monthly World Agriculture Supply and Demand Estimates report cut Ukraine wheat exports by 4 million tons to 20 million in 2021-2022. Other wheat exporters will only partly offset those losses. USDA raised its estimates for Australia and India, which are both seen at an all-time high. Despite the loss of some Ukraine and Russia supply the outlook for U.S. wheat sales was lowered.