More Wheat Expected Globally

The record world wheat production continues to grow.

“Record production forecast of 816.2 million tons," said World Agricultural Outlook Board Chair Mark Jekanowski.  "Really all of that increase this month comes from what are generally considered major global wheat exporters."

He noted that was led by Australia.  The global wheat balance sheet reflects increased production through larger numbers in use categories and ending stocks.  Meanwhile, on the U.S. wheat ledger, increased exports are forecasted.

"Raised our wheat export forecast by 25 million bushels,"  Jekanowski said.  "That just reflects a continuing strong pace of U.S. wheat exports. In this case, it's all hard red winter wheat."

He added the season-ending average price forecast has lowered 20 cents at $5.10 a bushel.

"Recent prices that we've seen from NASS for July, cash prices have dipped below $5 per bushel. That would be for the first time since October of 2020,"  Jekanowski said.

If you have a story idea for the PNW Ag Network, call (509) 547-1618, or e-mail glenn.vaagen@townsquaremedia.com