Wheat Production Forecasts Lowered but Still Show Record Production

Wheat production across the globe is still expected to record highs this year, but the USDA’s forecasts show that it will be less of a record than originally thought.

Outlook Board Chairman Seth Meyer said that means good things for U.S. wheat.

“We’re in a good quality position in the United States. The world is a little short of quality, we have a little bit of that, so we kicked up exports a little bit on that increase in quality. So we trimmed our carryout stocks as well and we added a nickel on our mid-point price.”

The new mid-point price is $3.85 per bushel.

The new outlook dropped world product by about 4.5 million tons with Meyer noting some specific countries are being impacted.

“We made an adjustment in the expectations for Indian production and at the same time we made an adjustment in Kazakhstan as well as some official information came rolling in.”

World wheat production is now expected to fall just short 750 million tons.