USDA by another 6.5 million tonnes increased the forecast of wheat production
the USDA once again increased the estimate of world production and ending stocks of wheat in the current season.
Evaluation gross yield increased by 6.5 million tons to 751,3 million tons due to Australia (up 4.7 MMT), China (+0.9 MMT), the EU and Brazil (+0.4 million tons). Ideal conditions for the development of Australian wheat has allowed to increase the forecast yields to record levels. Of the sowing area in the country was also more than expected. According to the new forecast, Australia will be able to collect a record 33 million tons of wheat.
world weather Forecast export of wheat increased by 2.6 million tons to 176.8 million tons, including for Australia – 3.5 million tons due to the reduction in the rate of export reduced by 1 million tons, the forecast of volumes of Russian grain to 29 million tons.
World consumption of wheat will grow by 3.3 million tons and will reach the highest in the history of the level 739,77 million tons estimate of the volume of consumption increased for both food and feed grains.
Since the forecast wheat supply has grown more than consumption, evaluation of the ending inventory of wheat increased by 2.9 million tonnes to a record 252,14 million tons For Russia, ending stocks increased by 1 million tons to 10.1 million tons.