Wednesday, 1 June 2011

The grain export ban is finally lifted…

…to be replaced with export duties which I’m sure still contravene WTO rules but hey, you can’t have everything.

Duties are 9% for wheat, 12% for maize and 14% for barley.

The bullish crop reports coming out of Ukraine, which will no doubt be helped by the end of then ban are based on uncorroborated announcements from ministries and government bodies that estimated yields and crop areas are up this year.

Crops do look very good at the moment but they always do in May and June and last year it was the weather conditions in late July and August that did for yields.

Plants are not showing signs of drought stress just yet but rain would be welcomed.

There is still a long way to go to harvest.