Wheat
Price of wheat is gradually shedding the gains it achieved due to the Ukraine-Russia conflict. The conflict has so far had no negative impact on grain deliveries from the Black Sea region, according to sources. Robust grain exports have been reported from Russia and Ukraine. Ukraine’s grain exports rose to 5.01 million tons in the first two months of the 2014/15 season from about 3.3 million in the same period a year earlier, the agriculture ministry said on Tuesday. Dealers said prices could weaken further if there is firm evidence that tensions in the Black Sea region may be easing.
Cotton
Australian cotton production could plummet by 29% as the country suffers from the effects of drought.
The world’s third-biggest cotton exporter has slashed its output forecast to 580,000 metric tons for 2014-2015, said a report. The previous estimate had been 820,000 tons. It would be the smallest crop in five years, falling well short of last year’s 890,000 tons.