USDA raises forecast for global wheat harvest and consumption in 2024/25 season

Published 2024년 11월 26일

Tridge summary

Key points from the article:
- Crop cuts have been made in Russia, Brazil, and Argentina, leading to slight decreases in global wheat export expectations.
- However, increases in harvest estimates in Kazakhstan, the UK, Ethiopia, and Iraq have offset these decreases.
- Russia's and the EU's wheat export forecasts have been left unchanged.
- Poor harvests in the EU, Russia, and Ukraine are expected to increase US wheat exports.
- Global wheat exports are forecast to decrease year-on-year, with Russia's share of exports also expected to decrease.
- Global wheat consumption for the 2024/25 season is projected to exceed production.
- Wheat stocks at the end of the 2024/25 season are expected to be lower year-on-year, but US wheat stocks are projected to rise sharply.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In November, crop cuts (0.5 million tons each) were made in Russia (from 82 to 88.1 million tons), Brazil (from 9.0 to 8.5 million tons) and Argentina (from 18 to 17.5 million tons). At the same time, estimates for the EU were lowered by 0.4 million tons (to 122.6 million tons). Wheat harvest estimates increased in Kazakhstan and the UK However, these downward corrections were slightly more than offset by increases in harvest estimates in Kazakhstan (from 16 to 18 million tons), the UK (from 10.9 to 11.1 million tons) and smaller producers (Ethiopia, Iraq). Global wheat export expectations have decreased slightly In November, wheat export forecasts from Kazakhstan (from 10.5 to 10 million tons) and symbolically from Brazil (from 3 to 2.9 million tons) were trimmed. Wheat exports from Russia this season have been left at 48 million tons, down from a record 55.5 million tons in the 2023/24 season that ended. EU exports have also been left at 30.0 million tons (37.9 million tons in ...

Source: Gospodarz