According to the Ukraine State Statistic Committee, as of August 1, 4,495,000 hectares of wheat had been harvested. This brings production to 16,544,000 tons with a yield of 3.68 tons/ha. The wheat production area is up by 24% and the yield by 47% compared to the same date of last year.
The barley harvested area is 2,857,000 hectares, production is estimated at 8,945,000 tons with a yield of 3.13 tons/ha. The barley production area is up by about 40% with about double the yield obtained last year.
Export
Following the cancellation of grain export quotas, export volumes increased significantly in June and July 2008. Official Ukrainian statistics show grain exports in June 2008 totaled; wheat = 483,000 tons, barley = 413,000 tons and corn = 486,000 tons. Total July-June wheat exports totaled 911,000 tons; barley exports totaled 1,040,000 tons and corn 1,600,000 tons. Official Ukrainian statistics show grain exports in June 2008 totaled; wheat = 600,000 tons, barley = 800,000 tons and corn = 274,000 tons. Please refer to the grain export tables (by month and destination) in the Statistical Tables Section.
June 2008 grain stocks are 44% higher than June 2007 grain stock levels. According to inland silo industry information, silos are currently at full capacity, much higher levels than for an average year. The owners of these silos are also expecting to have some difficulties accommodating grain from the new record high crop. The storage capacity of inland silos is estimated to be approximately 25-28 million tons for all crops, including oilseeds. Total 2007/2008 grain stocks amounted to 6.7 million tons on June 1 and about 0.7 million tons of oilseeds.
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Following the United States, Canada, another of the world's largest wheat exporting nations, will begin cutting its new wheat crop in August, while Australia and Argentina -- also key xporters to the rest of the world -- expect to begin harvesting in October.
Together the four are projected to produce 129.1 million tonnes of wheat this year, about 20 percent of the global total.
Big wheat crops and exportable supplies are also expected in Russia, Ukraine and Kazakhstan. The biggest producers in the world -- the European Union nations, China and India -- consume most if not all of what they produce.
India procured a record 22.40 million tonnes of wheat through its agencies as against 11.13 million last year.
This year about 16-17 mln tons of wheat are expected to be collected from the fields of North Kazaxhstan
Russia risks running out of storage capacity for corn, wheat and barley after the best harvest in at least 15 years, threatening a government plan to expand agricultural output and exports.
Russia has room to store about 95 million metric tons in its silos, according to Russia's Grain Union, comprising the biggest producers and traders. The government is forecasting a grain harvest of at least 85 million tons, while the union expects farmers to reap 97 million tons.
The U.S. Department of Agriculture predicts that U.S. farmers this year will bring in 16 percent more than a year earlier.
Now guess what is going to happen to the price? A lot of people are going to loose money on those high wheat futures...
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