USDA raised its forecasts of world production and wheat stocks to record levels

the updated balance experts USDA raised its forecasts of world production, consumption and ending stocks of wheat in 2020/21 MG to record levels, but for Russia, the harvest forecast has been left unchanged at 78 million tonnes, while as of September 11, there with 85% of area already harvested 80 million tons of wheat, so the production can reach 83 to 85 million tons.

Evaluation world's initial stocks of wheat decreased by 1.23 million tonnes to 299,78 million tonnes, which would still be a record.

World production of wheat in 2020/21 MG the USDA experts had predicted in July at the level 769,31 million tonnes, in August – 766,04 million tons, and in September – 770,49 million tonnes, 6.2 million tonnes will exceed the harvest 2019/20 Mr. Production estimate increased to Canada by 2 million tons to 36 million tons (32.3 million tons in 2019) and Australia by 2.5 million tons to 28.5 million tons (15.2 million tons in 2019), which corresponds to the forecasts of local agencies, as well as for the EU of 0.65 million tonnes to 136,15 million tonnes (154.9 million tons in 2019). For Argentina's production estimate was reduced due to dry weather conditions by 1 million tonnes to 19.5 million tonnes compared with 19.8 million tonnes in 2019

For the United States, Ukraine and Russia's crop was left unchanged. But if the US and Ukraine have already completed harvesting, for Russia, the forecast significantly underestimated, so in the October balance it will have to significantly adjust.

In comparison with the previous report, evaluation of the world consumption of wheat increased by 0.76 million tonnes to 750,9 million tonnes (748,23 million tonnes in 2019/20 MG), forecast imports by 1.56 million tonnes to 185.3 million tonnes mainly due to increased imports of China from 6 to 7 million tonnes, amid strong purchases in recent weeks, and the forecast of exports by 1.45 million tonnes to 189,44 million t (185,7 million tonnes in 2019/20 MG). The reduction in exports from Argentina by 0.5 million tons to 13.5 million tons (which corresponds to 2019/20 MG) compensates for the increase of Australia by 1.5 million tonnes to 19 million tonnes (9.5 million tonnes in 2019/20 MG). For the United States, Ukraine, EU and Russia, the forecasts of exports was left unchanged.

Evaluation world ending stocks of wheat in 2020/21 MG increased with 316,79 to record 319,37 million tonnes (300,9 million tons in 2019), due to an increase of stocks in Canada, Australia, and China.

the

• wheat Futures in Paris fell 1.25 €/t to 188,5 €/t or 223,2 $/t

Prices on U.S. exchanges fell harder, but they have supported the growth of the soy market.

the September wheat futures in the U.S.:

the

1.01 $/t to 173,15 $/t for solid winter HRW wheat in Kansas city

1.19 $/ton to 195,55 $/t on a firm spring HRS wheat in Minneapolis.

• 2.27 $/t to 199,15 $/t for SRW soft winter-wheat in Chicago