In the June report of USDA analysts, the forecast of the global wheat production in 2023/24 MY was announced at 800.2 mln tonnes, compared to 789.76 mln tonnes expected in May, which is also significantly higher than the previous season (788.5 mln tonnes).
The upward revision is mainly due to the expected increase in production in the EU to 140.5 (+1.5) million tons, India to 113.5 (+3.5) million tons, Russia to 85 (+3.5) million tons, Ukraine to 17.5 (+1) million tons and the US to 45.32 (+0.2) million tons.
Accordingly, the forecast of USDA for global wheat exports was raised by 2.9 million tons per month to 212.6 million tons, in particular, due to a possible increase in supplies from the Russian Federation – 46.5 (+1) million tons, the EU – 38.5 (+0.5) million tons, India – 1 (0.5) million tons and Ukraine – 10.5 (+0.5) million tons.
The forecast of wheat consumption was increased by 4.4 million tons to 796.1 million tons, mainly due to the expected increase in the use of the grain in feed in China, Russia and India. The forecast for global wheat ending stocks in 2023/24 MY increased by 6.4 million tons per month to 270.7 million tons, mainly due to India, Russia and the EU.
Source: Apkinform