Fall in global wheat harvest forecasts, Russia in the lead

Published Jun 13, 2024

Tridge summary

The USDA's latest WASDE report forecasts a global wheat production of 790.75 million tonnes, down by 7.4 million tonnes due to adverse weather in Russia, Ukraine, and the EU. However, higher beginning inventory estimates and lower consumption expectations have lessened the impact on end-of-period stocks. The U.S. wheat harvest estimate has been revised upwards, while Indian import estimates remain unchanged despite anticipated tax changes. Following the report, American wheat prices dropped, whereas corn prices saw a slight increase due to stock and consumption adjustments.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In its monthly report, the WASDE (World Agricultural Supply and Demand Estimates), the USDA anticipates global wheat production of 790.75 million tonnes, 7.4 million tonnes less than its first estimate last month . In detail, the ministry reduced its harvest projection in Russia by 5 million tonnes, and by 1.5 million tonnes each for Ukraine and the European Union. The south-west of Russia, the main wheat producing region in this country, has been suffering from drought for several months. Added to this phenomenon was a cold snap in May, which hit the crops as the harvest approached. The specialist firm SovEcon lowered its estimate of Russian production from 94 to 80.7 million tonnes. As for the European Union, it suffered from excessive rainfall, particularly in France. The sharp revision to the USDA harvest forecast was offset by an increase in the beginning inventory estimate and a decline in expected consumption. As a result, end-of-period stocks, as calculated by the American ...
Source: TerreNet
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.