USDA acknowledged the Russia/Ukraine war by reducing Ukrainian exports by four million tons in Wednesday’s report. “It’s down from 24 to 20 million tons,” said Brian Basting, Advance Trading. “And they actually did reduce Russia’s exports for this crop year by three million tons from 35 to 32 million tons. “That was partly offset by an increase in exports in Australia where a record crop was harvested. Basting says world trade is down from last month. “Many countries are going to reduce their wheat consumption due to higher prices. I try to remind everyone that the biggest impact will be experienced with this 2022-2023 crop year. That’s going to be a direct reflection of the Black Sea export availability and that’s a complete unknown at this point.”
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