US may reduce its global crop estimate by 1.2% next month
Droughts withering wheat crops from the US to Russia to Australia will probably spur the biggest reduction in global supply estimates since 2003 and drive prices to the highest in almost a year. Kansas, the top US grower of winter wheat, is poised for its driest May on record, the state’s climatologist estimates. Ukraine and Russia, accounting for 11% of world output, have endured drought conditions for three months, University College London data show.