Global Wheat Production Expected to Jump Significantly

Wheat production may be on the downward slide in the U.S., but globally it is making significant jumps.

USDA Chief Economist Rob Johannson said the are forecasting a more than six million metric ton jump in production globally.

“Looking at the U.S. balance sheet, we’re still at a midpoint of about $4.60 per bushel. No changes from last month’s estimate.”

In addition to increases in other countries in Europe as well as India, there are also some back year adjustments.

Outlook Board Chair Seth Meyer said there is good news for producers though.

“There is a lot of wheat in the world, but at the same time, to balance that out we also have an expectation of record use.”

Forecasts do show that there are expected decreases of production in Australia.