Lower forecasts for world production of wheat and feed grains, by the USDA

More modest forecasts for the global wheat market Production will decrease by 3.9 million tonnes to 783.4 million tonnes and supplies will decrease by 3.5 million tonnes to 1.051 billion tonnes as reduced production in Australia, Kazakhstan and Ethiopia is only partially offset by higher production in the US. Australian production was reduced by 1.5 million tonnes to 24.5 million tonnes as a result of continued dry conditions in most producing regions. The forecast for Kazakhstan has been reduced this season by 2.0 million tonnes to 13.0 million tonnes with suboptimal growing conditions. In Ethiopia, the estimate was also reduced from 2.0 million tonnes to 5.5 million tonnes due to reduced harvested area, drought in August and September and lower input use. Global wheat consumption was reduced by 3.0 million tonnes to 792.9 million, mainly due to lower feed consumption in Russia and Kazakhstan, while most of the reductions in food, seed and industrial consumption occurred in ...