World record wheat production expected

(NAP, by Gustavo López*) The forecasts for the area devoted to cereals and oilseeds would reach just over 1,000 million hectares with a final supply of around 3,630 million tons, of which 78% would correspond to cereals. Wheat is no exception, with a total area of 222 million hectares having been sown with a production projection of close to 795 million tons, both variables also record. The growth in production in this cycle is more than offset by the increase in consumption, which translates into final stocks lower than in the previous cycle, equivalent to 15% of demand, or the equivalent of only 56 days of use (obviously without considering the reserves in China, because they are very large and have no relevance in the market analysis, due to its status as a net importer), which allows us to infer prices sustained over time. The improvement is the result of an increase in production in the United States (despite its commitment to continue growing in soybeans and corn), ...