USDA Raises Global Wheat Supplies Marginally For MY 2019/20

USDA Raises Global Wheat Supplies Marginally For MY 2019/20

Nov 11, 2019 03:11 IST capital market

As per the latest update from United States Department of Agriculture (USDA), global wheat production has been revised marginally higher to 765.55 million tones as supplies are raised with increased production forecasts for the EU, Russia, and Ukraine more than offsetting reductions for Argentina and Australia. EU and Russia production forecasts are raised to 153.0 and 74.0 million tons, respectively, on updated harvest results. Australias production is lowered to 17.2 million tons on further damage from the continents severe drought and is now forecast lower than last years drought-affected crop. Argentinas production is reduced to 20.0 million tons on dry conditions but remains record large. World exports are raised by 1.0 million tons to 180.7 million on increases for the EU, Russia, and Ukraine more than offsetting reductions for Argentina and Australia. Global consumption is nearly unchanged at 755.2 million tons, which is 3 percent greater than last year. With global supplies rising more than consumption, 2019/20 ending stocks are raised to a record 288.3 million tons with China comprising 51 percent of the total.

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