From Noggor's Blog.



LOCAL SHOPKEEPERS WHINE AS OUT OF TOWN MEGASTORE PREPARES TO OPEN

We may be set for a disappoint harvest in Europe and America, but look at it this way all we are doing is avoiding the frustration of not being able to sell a bumper crop because the Black Sea are nicking all the business.

Surely it's not too difficult to recall the days when Russia, Ukraine and Kazakhstan were there to undercut any offer in the market? Those days are about to be thrust upon us again I feel as the balance of power switches back to the Black Sea.

Speaking at the 4th International GAFTA Conference in Kiev the director of Noble Resources Ukraine said yesterday that the wheat harvest there could hit 20 MMT this year, giving them the potential to export 11.5-12.0 MMT, according to my chums at Bloomberg.

That places exports up around 225-250% on this season, and 3.0-3.5 MMT more than the USDA currently estimate.

Total grain exports could hit 24 MMT in 2011/12, he said, which is significantly higher even than the government's own estimate of 19-20 MMT.

A local British shopkeeper said "They come over here with their cheap wheat, and urinate all over the place. It's a blim bloomin disgrace, that's what it is. I'm going to write a stiff note to the council."