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LOOMING RECORD HARVEST CUTS WHEAT PRICE

机译：迫在眉睫的记录收获削减小麦价格

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Looming harvest pressure has recently pushed leading wheat price indicators towards 10-month lows. The world crop is still seen a record one, around 770m tonnes, and world starting - and carry-out - stocks are also expected to rise to largest ever levels. While EU and Ukrainian crop estimates have been trimmed again in the past month or so, Russian and Indian forecasts have been increasing. Some caution may still be required towards the biggest single component in this season's jump in world output -an expected 11m tonne rebound in the Australian crop after two years of drought-pinched output. While the weather has promised a much better start for the Australians this year, sowing only recently got underway and the harvest comes towards the latterend of the year. The Northern hemisphere crops will also need the right weather in the run-up to and during harvests, to ensure adequate milling quality wheat. But if the weather stays stable, the markets will continue trading an abundant, even burdensome, supply. The global wheat consumption forecast remains about 18m tonnes under production but, as mentioned in earlier reviews, the resulting, massive global stockpile will not all be available to the market - just over half of it locked away in China (and much of that probably of dubious food quality).
机译：迫在眉睫的收获压力最近将领先的小麦价格指标推向10个月的低点。世界作物仍然看到一个纪录，大约770亿吨，世界的开始和开展的股票也预计将升至最大的水平。虽然欧盟和乌克兰作物估计在过去一个月左右被修剪，但俄罗斯和印度预测一直在增加。仍有一些谨慎可能仍然需要在本赛季的最大单一的组件中，在世界产出中最大的单一组成部分 - 经过两年的干旱挤压后，澳大利亚作物中预计11米吨位。虽然天气已经为今年的澳大利亚人提供了更好的开始，但播种最近才能进行，而收获则朝着年度的后者迈进。北半球作物还需要在收获的跑步和收获期间的良好天气，以确保足够的铣削优质小麦。但是，如果天气保持稳定，市场将继续交易丰富，甚至负担，供应。全球小麦消费预测在生产中仍然约为1800万吨，但如前所述，由此产生的大规模的全球储存将不会以市场提供 - 超过一半在中国锁定（以及大多数可能可疑的食物质量）。

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