Analysts of the Food and Agriculture Organization of the United Nations in their December report raised the forecast of world wheat production in 2023 to 787 mln tonnes, which is almost 2 mln tonnes higher than expected a month earlier, but 2.1% (17.1 mln tonnes) lower than in 2022, the press service of FAO reports.
“The increase compared to the previous month is mainly due to higher wheat production volumes in Russia and Türkiye, where, according to the latest official data, the harvest was higher than previously expected. At the same time, the forecasts of grain production in Argentina and Brazil, where unfavorable weather conditions prevailed at the end of the season, were slightly reduced,” the report said.
The forecasted volume of global wheat trade in 2023/24 MY (July-June) is 194.1 mln tonnes, virtually unchanged from the previous month. The upward adjustment of the forecasts for exports from Türkiye and Ukraine was offset by the downward revision of the exports from Argentina, Brazil and the EU.
“In light of the new data, mainly for Egypt, the EU and Saudi Arabia, the forecast for wheat stocks in the world was revised upward by 4.2 million tons to 319.3 million tons, which is 0.2% higher than at the beginning of the season,” the analysts added.
Source: Apkinform
