Tridge summary
The USDA's January crop forecast (WASDE) report has revised the global wheat and coarse grains harvest downwards compared to the November report. The global wheat harvest is now projected to be 792.95 Mt, a slight increase from last year but a decrease from the November projections. The reduction is largely due to worsening forecasts in the EU. The world trade forecast has also been reduced, largely due to decreases in EU and Russian exports, which cannot be offset by higher exports from the US and Ukraine. The ending stocks for the 2024/2025 season are expected to rise slightly but remain the lowest since 2015/2016. The outlook for coarse grains in 2024/2025 is for lower production, trade, and ending stocks compared to the previous month. Maize production has also been downwardly revised, largely due to declines in the EU and South-East Asia, and world maize ending stocks are down due to falls in China, the EU, and Indonesia.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
The USDA's January crop forecast (WASDE) report was released yesterday, indicating a reduction in the world wheat and coarse grains harvest compared to the November report. According to the USDA, the world wheat harvest is expected to reach 792.95 Mt, which is 1.87 Mt less than the November figures but 1.7 Mt more than a year ago. The downward revision in the December figures compared to the previous month is mainly due to the worsening of the forecasts in the EU, which have fallen by 1.3 Mt to 121.3 Mt. As for world trade, a reduction of 1 Mt to 213.7 Mt is forecast, as the reductions in EU and Russian exports cannot be offset by higher exports from the US and Ukraine. Exports from Russia are expected to decline by 1 Mt to 47 Mt, as well as those from the EU by another 1 Mt to 29 Mt. World ending stocks expected for the 2024/2025 season are expected to rise by 300 000 t to 257.9 Mt but remain the lowest since 2015/2016. The outlook for coarse grains in 2024/25 is for lower ...
Source: Agrodigital
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