USDA increases global wheat production and export forecast

The United States Department of Agriculture (USDA) has updated its global forecast of the balance of major agricultural crops for the 2022/23 marketing year.

In the new forecast, the USDA increased the forecast of world wheat production by 1 million tons to 782.7 million tons, reported on the Facebook page of the Ukrainian Agrarian Business Club.

Production in Australia is expected to increase by 1.5 million tons to 34.5 million tons, in Kazakhstan by 1 million tons to 14 million tons, in Great Britain by 0.8 million tons to 15.4 million tons. fully compensate for the drop in Argentina (-2 million tons to 15.5 million tons) and the EU (-0.5 million tons to 134.3 million tons).

Wheat trade will increase by 0.3 million t to a record 208.7 million t, mainly through increased exports from Australia (+1 million t to 26 million t), Kazakhstan (+1 million t to 9 million t) and Great Britain ( +0.3 million tons to 1.3 million tons), which compensates for the decrease in exports by Argentina (-2 million tons to 10 million tons).

Projected global ending stocks were increased by 0.3 Mt to 267.8 Mt with increases for Australia, India and decreases for the EU.

In 2022/23, Ukraine’s wheat production and export indicators will remain unchanged. Production is expected at the level of 20.5 million tons, while exports will amount to 11 million tons.

As previously reported by USM, the US Department of Agriculture (USDA) increased the forecast for corn exports from Ukraine.