USDA cuts global wheat export forecast for 2024–2025 to 214.67 million tons

Published 2024년 11월 12일

Tridge summary

The U.S. Department of Agriculture has revised its global wheat export forecast for the 2024-25 marketing year, reducing it by 1.2 million tons to 214.67 million tons, a 3% decrease from the previous year. This adjustment is primarily due to anticipated tighter supplies from Turkey and Kazakhstan, with the latter's exports estimated at 10 million tons, down from 10.5 million tons, due to increased domestic feed demand. Despite these changes, global production is expected to see a slight increase, reaching 794.73 million tonnes. However, global ending stocks are projected to be 3.3% lower than the previous year, with total consumption expected to barely rise to 803.41 million tons.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The U.S. Department of Agriculture lowered its global wheat export forecast by 1.2 million tons to 214.67 million tons for the 2024-25 marketing year (June-May), according to the World Agricultural Supply and Demand Estimates report released Nov. 8. The report showed exports down 3% from a year earlier, the USDA said, driven by expectations of tighter supplies from Turkey and Kazakhstan. The report said Kazakhstan’s wheat exports in 2024-25 are estimated at 10 million tons, down from 10.5 million tons in October, amid rising domestic feed demand. Turkey’s total wheat exports in 2024-25 are forecast at 7.5 million tons, down 2.5 million tons from the previous year, with flour likely to make up the bulk of that. Turkey’s wheat flour exports fell sharply from July to September as the country banned wheat imports between June 21 and October 15, forcing millers to use up stockpiles and use domestic wheat to produce flour for re-export, the U.S. Department of Agriculture said. Turkey’s ...

Source: Oilworld