Ukrainian wheat production likely to fall in 2016

Due to dry weather conditions, there is around 11% of the winter grain acreage in Ukraine remained unsown and many of the young crops are in poor condition acreage, reveals Government of Ukraine. 

The Ukrainian analytical firm UkrAgrConsult revised down its forecast for the 2016 wheat crop to 17.5 million tons from 19 million on Monday.

In 2015, Ukraine produced around 26 million tons of wheat. On the other hand, the condition of winter wheat plants in the U.S. has sown some improvement. 

"After an upward revision of one percentage point as compared to the previous week, 52% of plants are now rated as being in "good" or "excellent" condition. That is five percentage points more than three weeks ago", says Commerzbank.