USDA: Slightly higher forecast for world wheat production and lower for feed grains

Wheat Market The global December wheat forecast for 2024/25 is for slightly higher production, lower supplies, consumption and trade, and slightly higher ending stocks. Shipments fall by 0.6 million tonnes to 1.060 million tonnes as larger opening stocks are more than offset by lower global production. Production is forecast as lower for the European Union, down 1.3 million tonnes to 121.3 million tonnes, based on harvest data showing lower production for several member states. The Brazilian crop is also forecast as lower, based on updated harvest data. Global trade is forecast as lower by 1.0 million tonnes to 213.7 million tonnes, as export cuts from the EU and Russia more than offset higher exports from the US and Ukraine. Exports are forecast to be down 1.0 million tonnes to 47.0 million for Russia, despite a strong start to the season, as the imposition of an export quota is expected to curb exports for the rest of the season. Global final stocks for 2024/25 are forecast to ...