Commodities Buzz: USDA Cuts Global Wheat Supplies And Consumption Outlook

13 Oct 2022 , 12:09 PM

In a latest monthly update, the USDA stated that the global wheat outlook for 2022/23 wheat is for reduced supplies, consumption, trade, and stocks. Supplies are lowered 1.9 million tons to 1,057.7 million on reduced production for the United States and Argentina more than offsetting higher EU production although world production remains at a record. Argentina is lowered 1.5 million tons to 17.5 million with reductions in both area harvested and yield on continued widespread dry conditions. EU production is raised 2.7 million tons to 134.8 million, mainly on higher government estimates from Poland and Germany. Global consumption is reduced 0.9 million tons to 790.2 million on lower food, seed, and industrial use more than offsetting higher feed and residual use. World trade is lowered 0.6 million tons to 208.3 million on reduced exports by the United States and Argentina more than offsetting higher EU exports. Projected 2022/23 ending stocks are lowered 1.0 million tons to 267.5 million mostly on a reduction for the United States.Powered by Commodity Insights