Analysts suggest the Black Sea wheat crop in Russia, Ukraine, and Kazakhstan will likely fall to 78.9 million tons in 2012. Ukraine’s wheat crop is expected to fall to 13.6 million tons. The lowest projection for Russia’s wheat crop is 47.5 million tons forecasted by Russia’s Agricultural Ministry. The hardest hit will be Kazakhstan, with an estimated wheat crop of 14.8 million tons. Wheat prices in Paris are up 20% this year with November contracts set at $290 per ton. Outlooks for July and August are not favorable so far, which could mean a hard hit to wheat prices in the coming months.
