Wheat Production, Demand Adjusted Down

A slight adjustment down in U.S. wheat production is just one of several contributors to lower global wheat production forecast in October.

“Down 2.8 million tons to 794.1 million tons, but that’ll still be a record high production," noted USDA World Agricultural Outlook Board chair Mark Jekanowski.  So, what does that mean for the world wheat supply and demand?

“We're looking at a little bit of an increase in our beginning stocks estimate, which was raised 900,000 tons," Jekanowski said.  "Global wheat use was adjusted lower this month.  Our overall wheat trade forecast was reduced about 700,000 tons.  Mainly reflecting lower exports out of the EU. Ukraine’s wheat exports, we raised a million tons.  Global ending stocks, up about 500,000 tons, but at just over 257 million metric tons that would still be. The lowest global ending stocks since the 2015-2016 crop year.”

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