Last Friday, global markets saw a considerable lift following reports of significant export sales to China from the US for corn and soybeans. On Monday, however, this lift was wiped out on the back of increased Russian wheat crop estimates and less than expected US wheat shipments. The Institute of Agricultural Market Studies (IKAR) increased its Russian wheat production estimate to 78 million tonnes. This is up from 76.5 million tonnes previously and comes as a result of the higher yields being seen in the Black Earth region, which are moving the average closer to that of last year due to the increased area drilled.
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