Washington, DC — Since the release of USDA’s first 2021/22 forecast in May, the outlook for global wheat supplies has fallen by nearly 2 percent, according to the Aug. 12 USDA Grain: World Markets and Trade report.
Production is estimated down, based on ice crusting in Russia and drought affecting North American spring wheat crops
Global production of wheat is lowered 2 percent this month by more than 15 million tons with smaller crops in Russia, Canada, Turkey, Kazakhstan, and the United States.
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Global consumption is revised lower for those countries and numerous others with demand rationing expected to occur amid rising prices.
Stocks are forecast down. Imports are reduced for Afghanistan, Algeria, Brazil, Morocco, and several other countries.
Exports are cut for Canada and Russia, only partly offset by upward revisions for Ukraine, Australia, and the European Union. The U.S. season-average farm price is up 10 cents to $6.70 per bushel.
Global corn production is down, as cuts to the European Union and the United States more than offset larger crops in India, Russia, and Ukraine.
Global trade is lower than last month on smaller exportable supplies for the United States and shrinking expectations for Brazil exports over the October 2021-March 2022 period, overshadowing gains for Ukraine and Russia.
Global imports are down in conjunction with the smaller exportable supplies. The U.S. season-average farm price is up 15 cents to $5.75 per bushel.
To read the full report, click here.
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