World production of wheat and rice adjusted upwards

According to the USDA's February report, the estimate of world wheat production would reach 785.7 million tons, which means a small upward adjustment compared to the 784.9 million tons calculated last January. If compared to the 2022/2023 harvest, this volume would be lower, since 789.2 million tons were estimated in that period. The USDA estimates that production will be higher in Iraq and Argentina. Imports are forecast to rise this month for the European Union, Pakistan and Afghanistan, more than offsetting a reduction for China. On the other hand, the February report indicates that exports would increase for Ukraine, Argentina, Australia and Turkey, but would decrease for the United Kingdom and India. Meanwhile, it predicts that global wheat consumption will increase further this month due to increased industrial use of food and seeds, which is only partially offset by lower use of feed and waste. By contrast, global stocks are down this month, still at the lowest level since ...