Ukrainian wheat loadings usually begin to pick up in July. Although this year is following that pattern, loadings have been slightly below normal. July wheat loadings rose 25% compared to June to reach 1.33mn Mt, but were 26.5% below July last year. This month’s loadings total 1.12mn Mt, with two-thirds of the month left to go. Interpolating the pace through month-end would project around 3.36mn Mt for the full month, which would fall short of the 4.73mn Mt loaded a year ago.

Poor weather during the harvest is pushing domestic prices higher and could be hampering exports. It is uncertain whether that will last, however, as the Ukrainian government is forecasting a larger crop this year compared to last year.

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