US wheat projections firm up amid evolving global trends
Market & Price Trends
Published Feb 12, 2024
The U.S. wheat forecast for the 2023/24 season is positive, with steady supplies, reduced domestic use due to a decrease in wheat flour grind, unchanged exports, and increased ending stocks. On a global scale, wheat supplies, consumption, and trade are projected to rise, driven by increased production in Iraq and Argentina. However, global ending stocks are expected to decrease, hitting the lowest level since 2015/16. Despite these fluctuations, the season-average farm price forecast for 2023/24 remains steady at $7.20 per bushel.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
In the midst of steady supplies and reduced domestic usage, the U.S. wheat forecast for the 2023/24 season remains robust, featuring unchanged exports and an uptick in ending stocks. Meanwhile, on a global scale, growing consumption and trade trends contrast with diminishing reserves, driven by notable production increases in Iraq and Argentina. The outlook for U.S. wheat in the 2023/24 season indicates stability in supplies, a decline in domestic use, unaltered exports, and an increase in ending stocks. The reduction in domestic use, particularly in food consumption, can be attributed to a decrease in wheat flour grind, as highlighted in the NASS Flour Milling Products report released on February 1. Notably, this decline is most pronounced in the October-December quarter, marking the lowest flour grind recorded for this period. U.S. wheat exports remain unchanged at 725 million bushels, with adjustments in wheat class allocations, notably for Hard Red Spring and Hard Red Winter ...