USDA: Few Changes To International Domestic Wheat Markets

Not a lot of changes to report in USDA’s April global wheat production forecast.  But, there was some activity of note in the world wheat supply and demand ledger.

“In particular, we reduced Chinas wheat imports by three million tons this month, which brings them down to only 3.5 million tons of feed exports, that about a 10 million ton reduction from last year," said World Agricultural Outlook Board chair Mark Jekanowski.  "Similarly, we reduced our wheat export forecasts for Russia and for the US, Australia and the EU as well.”

Jekanowski added the American wheat balance sheet also reflected change, primarily in imports and exports.

"There we raised our import forecast 10 million bushels, that's mainly spring wheat and Durham, just based on the pace with which wheat is entering the U.S.," he noted.  "On the other side though, we reduced our export forecast by 15 million bushels, just reflecting relatively slow sales and shipments. Particularly of hard Red Spring and hard red winter, we other small changes we reduced our wheat seed use forecast by two million bushels, just incorporating the latest data from the prospective plantings report that was released on March 31st.” 

Jekanowski noted those changes didn’t alter the season ending average price forecast, which held at $5.50 per bushel.

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