USDA lowered the forecast of world consumption and ending stocks of wheat
Revising the estimate of the initial stocks of wheat and taking into account the possible deterioration of the crop, the experts, the USDA reduced the forecast of global supply grain in the current season of 1.6 million.
Forecast world production reduced 0.4 million tons to 744,44 MMT, as the increase in gross collection in Canada by 1.0 million tons and Australia by 0.8 million tons offset by the deterioration of the crop in the US for 0,3 million tons and the EU 2 million tons of Weather conditions in Australia remain favorable for development of wheat crops, so the USDA is hoping for a record yield.
due to the increase of export potential for Australia 1 MT, USA and 0.7 million tons, Canada-0.5 MMT and Ukraine by 0.5 million tons, increased forecast world exports of wheat, 1.9 million tonnes 174,7 million tons the Improvement in export prospects for U.S. wheat is associated with an increase in its competitiveness, including in the countries of North Africa, amid the loss of a certain share of the market of the European wheat crop for the poor and quality problems. First place in the export of wheat is Russia putting on the world markets 30 million. On the second line will be USA from 26.5 million tons, the third – country EU, which will reduce exports by 1 million tons to 25 million tons.
World consumption of wheat with respect to the September report will fall by 1.0 million tons to 735,7 million tons In the US and the EU less wheat will be used with stern purpose.
Forecast world ending stocks reduced 0.7 million tons to 248,4 million tons, but they still remain at a record high. Inventory forecast for the U.S. increased 1.1 MMT to 31,0 million tons, which will be the highest in the past 29 years.