USDA: Higher world production of wheat and forage grains forecast
Wheat
Australia
Colombia
Published May 13, 2023
Tridge summary
The global wheat forecast for 2023/2024 predicts lower deliveries, trade, consumption and ending stocks and higher production compared to the 2022/2023 season. The 2023/24 global forage grain outlook predicts record production and consumption and higher closing stocks.
Original content
World Wheat Market Forecast The US Department of Agriculture (USDA) forecast in May that world wheat production will reach a record 789.8 million tons, which is 1.5 million more than a year earlier. Higher yields in several countries, including Argentina, Canada, China, the EU and India, are partly offset by significant decreases in Australia, Russia, Ukraine and Kazakhstan. The biggest increase is in Argentina, where production is expected to improve after a significant drought. Near-record production is forecast for Canada in the expanded area reported in the Statistics Canada Sowing Intention Survey. EU production is projected to be higher, thanks to above-average rainfall in almost all EU member states except Spain and Portugal. Production in Russia is forecast to be lower in a reduced area and yield compared to last year's record. In Ukraine, production is forecast to fall by 21 percent compared to the previous year, mainly due to the war with Russia. After three consecutive ...
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