Strong Year In The Black Sea Offset Lower Wheat In U.S. & Canada

Despite USDA's lower forecast in U.S. wheat production, a 14% month-over-month production decline, World Agricultural Outlook Board Chair Mark Jekanowski said adjustments in the national wheat balance sheet were minimal.

“With a little bit tighter ending stocks, that carries into the new crop year," Jekanowski s said. "So, 14 million bushel reduction in carry-in stocks for the new crop. We didn't make any changes to our season average price forecast this month for the new crop year. holding that steady at $6 per bushel.”

He noted lower wheat production projections is both the U.S. and Canada, led to a forecast this month of less world wheat produced. However, that North American decrease was offset.

“[By an] Increased production forecasts for Russia and Ukraine, where we've seen very favorable growing conditions across the Black Sea region," Jekanowski said. "We're looking at record yields in both Russia and Ukraine.”