USDA analysts cut global wheat production forecast for 2024/25

Published 2024년 12월 15일

Tridge summary

The USDA's December report lowers the global wheat production forecast for 2024/25 MY to 792.95 million tons from the previous 794.73 million tons, with adjustments to production forecasts in Canada, EU, and Brazil. The global opening stocks have increased, but the export forecast has been reduced to 213.65 million tons. The global corn export forecast for 2024/25 MY has been increased to 193.04 million tons, with changes in exports and imports. The global soybean production forecast for 2024/25 MY has been raised, with increases in production, exports, processing, and ending stocks, despite a decline in palm oil exports. However, global ending vegetable oil stocks have decreased by 2% from the previous month and 7% from the previous marketing year.

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Original content

USDA analysts in their December report reduced the forecast for world wheat production in 2024/25 MY from the previously expected 794.73 million tons to 792.95 million tons. For Ukraine, the export forecast was increased from 16 to 16.5 million tons due to a decrease in domestic consumption by 0.3 million tons and ending stocks by 0.2 million tons. Regarding changes in production, a downward adjustment was made to the forecast for Canada - to 34.96 (was 35) million tons, the EU - to 121.3 (122.6) million tons, and Brazil - to 8.1 (8.5) million tons. World opening stocks increased from 266.25 to 267.41 million tons. The forecast for world exports has been reduced to 213.65 (214.67) million tons, in particular due to the relevant adjustments for the EU to 29 (30) million tons, the Russian Federation to 47 (48) million tons, while for the USA it has been increased to 23.13 (22.45) million tons. The forecast for world ending stocks has practically not changed - 257.88 million tons ...

Source: Agroconf