Milling Wheat The Black Sea market was weaker last week as the hot, dry weather over parts of Russia did not scare it. Weather maps are showing ample soil and subsoil moisture accumulated during April and May in the southern region. High temperatures in June are common there, and the wheat is thought to be in sufficiently good condition to be able to survive a two-week drought in such a late stage of its development. The adverse weather forced most analysts to lower their estimates for the Russian crop by 0.5-1 MMT, which is not enough to inspire a significant price rally. There were no significant trades reported in the market last week. Saudi Arabia might allow Russian wheat in its tenders from July. The EU (MATIF) wheat market perceive...
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