USDA Trims Monthly Wheat Estimate

How has the USDA's monthly U.S. Global Wheat Supply and Demand Estimate changed?

"We trimmed our overall wheat production in Australia,” said World Agricultural Outlook Board Chair Seth Meyer.  “Also made a downward adjustment for spring wheat in Russia, trimmed a million metric tons there."

It appears that has not impacted the U.S. Wheat balance sheet, particularly when looking at exports.  Meyer noted U.S. exports are unchanged, which has some analysts wondering about the pace wheat exports.  However, as he noted, while they reduced the size of the Russian crop, the USDA did not change the export number, adding they expect Russia will eventually stop exporting wheat.

That means Meyer said, several analysts believe Russia will eventually run out of wheat supplies to export.

"And that will be our opportunity to export, and so we'll have a bit of a different balance in the pace of our exports, once the Russians stop exporting. So, we stuck with our export number and we stuck with the Russian export number."

Meyer added there were a few adjustments to the U.S. supply and demand ledger from the previous month.

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