USDA again raises forecasts for world wheat production, consumption, exports, and stocks in FY 2023/24

The USDA raised their forecasts for world wheat production, consumption, exports, and stocks in the January report, but this did not have much impact on quotations as prices had already fallen by 5-6% during the month. The increase in harvest and export forecasts for Ukraine and the Russian Federation, who sell the cheapest wheat on the world market, will continue to put pressure on prices. March wheat futures fell due to a surprise decline in the U.S. winter wheat acreage forecast, estimated at 34.425 million acres compared to 36.699 million acres last year and 35.7 million acres forecast by analysts.