USDA LOWERS THE ESTIMATION OF THE GLOBAL WHEAT PRODUCTION, RAISING FORECAST FOR RUSSIA

US Department of Agriculture has revised the world’s wheat balance, lowering the forecast for the closing stock to 272.8 million tonnes amid growing consumption in India and Middle East countries. In spite of the general reduction of the global production due to US and Canada, yield estimation has been raised for Russia. The forecast for the world wheat supply has been reduced by 1.0 million tonnes to 1,099.01 million tonnes, mainly due to the reduction of the initial stock in a number of countries. The estimation of the global production has been slightly reduced, by 0.09 million tonnes to 819.97 million tonnes. Yield estimation for the US and Canada has been revised downward. In Russia and Ukraine, production will be 0.5 million tonnes higher than expected earlier thanks to continuing good conditions for winter wheat sown. Russia is expected to harvest 88.5 million tonnes (90.3 million tonnes were harvested last season), Ukraine is expected to harvest 24.0 (24.1) million tonnes. Global wheat consumption has been revised upwards by 1.6 million tonnes to 826.16 million tonnes, mainly due to higher estimates for India, Yemen, Saudi Arabia, and Somalia. The expected volume of the Russian export has also been increased to 47.5 million tonnes, which strengthens the leading positions of the country amid the expansion of prospects for the global grain trade.
Source: https://agrotochka.org/post/minselhoz-ssha-snizil-otsenku-mirovogo-proizvodstva-21898