World wheat production revised upwards

According to the USDA's monthly Wasde report on global grain demand and production released Friday, the global wheat harvest is expected to reach 783.01 million tonnes for the 2023-2024 crop year, or more than a million more than the previous estimate. This increase is notably due to a better harvest forecast in Australia (+ 1 million tonnes) and Canada (also + 1 million) which offset an expected drop in Brazilian production (- 1 million). Wheat prices fell in Chicago, with a bushel of wheat (around 27 kg) for delivery in December, the most traded, at $6.1850, down 1.20% around 5:40 p.m. For corn, the US ministry's forecast is an increase in world production to 1,222.07 million tonnes compared to 1,220.79 million estimated in November. The estimate was raised for Ukraine by one million tonnes, bringing the expected production of yellow grain to 30.50 million tonnes. The country should be able to export a little more than previously expected with 21 million tonnes intended for ...