Forecasts of production and consumption of wheat in the report USDA increased to record levels

2021-03-10 12:02:23
Machine translation
Forecasts of production and consumption of wheat in the report USDA increased to record levels

a Significant reduction in the new USDA report estimates of ending stocks of wheat as result of a significant increase in forecasts of production and consumption has surprised analysts and supported the stock quotes.

 

In comparison with the previous report, a score world production wheat experts USDA increased by 3.34 million tons to a record 776,78 million tonnes (763,92 million tonnes in 2019/20 MG), in particular, to Australia – 3 million tons to 33 million tons (15.2 MT in 2019/20 MG) and India – 0.3 million tons to 107,86 million tonnes (103,6 million tonnes in 2019/20 MG).

 

Forecast consumption wheat increased from 6.6 million tonnes to 775,9 million tonnes (746,9 million tonnes in 2019/20 MG) as a result of higher consumption of feed wheat for feed in China 5 million tons to a record 35 million tons (19 million tons in 2019/20 MG) and increase the total consumption of wheat to 145 million tonnes, as well as due to growth of consumption in Australia by 0.5 million tonnes.

 

purchases Through active import forecast wheat to China have increased by 0.5 million tons to 10.5 million tonnes, Pakistan – 0.6 million tonnes to 3.4 million tonnes.

 

Forecast world exports wheat increased by 2.85 million tonnes to 197,69 million tonnes, including Australia by 2 million tons to 22 million tons (9.14 million tonnes in 2019/20 MG), Canada – 0.5 million tons to 27 million tons and India, 0.2 million tons to 2 million tons For the United States and Russia export forecasts were left unchanged.

 

the score world ending stocks of wheat decreased by 3.03 million tonnes to 301,19 million tonnes, which exceeds 300,29 million tonnes in 2019/20 MG will remain at a record level, while analysts expected an increase of inventories to 304,4 million tons In particular, for Australia assessment inventories increased by 0.5 million tons to 5.6 million tonnes, while China has reduced by 4.5 million tonnes to 150,43 million tonnes (151,68 million tonnes in 2019/20 MG) as for Canada – 0.3 million tons to 4.33 million tonnes (5.5 million tons).

 

a Bearish USDA report and hopes of increased demand from China has supported the price of wheat in the United States.

 

the May futures rose:

  • 3.68 $/t to 241,22 $/t for SRW soft winter-wheat in Chicago,
  • 1.75 $/t to 230,20 $/t for solid winter HRW wheat in Kansas city,
  • 2.11 $/t to 237,91 $/t on a firm spring HRS wheat in Minneapolis.

 

French traders distressed low volume purchases of wheat by Algeria to the tender, so not responded to a new report.

 

  • the May futures for milling wheat on MATIF fell by €1/t to 229,25 €/t or 272,35 $/t

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