|Markets continued to recover and push higher today. Following the bullish StatsCan report (highlighted yesterday). Tomorrow will have the USDA release weekly export data, and the impact of Hurricane Ida will start to be quantified.|
In Russia, wheat has been harvested from an area of 24.5MHa, totalling 70.8Mt. Sowing of winter crops was carried out on an area of 8.5Mha, slightly behind the 8.6Mha planted by the 15th of Sept in 2020.
It remains to be seen how large the Russian winter wheat area will be this year, with ongoing political intervention in markets and strong oilseed prices, this year could break the trend for an increasing Russian winter wheat area.