The USDA increased forecast of wheat production
the USDA increased the forecast of the world production wheat 743,4 to 744,9 million. Improving yield estimation for India, Kazakhstan, Australia, Brazil and Canada, partially offset by a decrease in gross harvest in the EU and China.
Relative to the August report world consumption will increase by 4.2 million tons to 736,7 million tons, including feed grain consumption will grow by 1.5 million tons to 148 million tons.
Export of wheat will grow by 2.1 million to 172.8 million tons, in particular by Australia (+1 million tons) and Kazakhstan (+0.5 million tonnes). The European Union will be able to export 1 million tons of wheat less than expected a month ago, that is 26 million. For Russia, the export forecast remained at the level of 30 million.
Forecast ending inventory reduced by 3.8 million tons to 249,1 million tons, although this figure is a record high. For Russia, the estimation of the initial inventory decreased to 5.6 million tons, end – to 9.6 million tons.