The United States Departmet of Agriculture (USDA) has raised global 2019/20 wheat supplies fractionally with decreased production offset by higher beginning stocks.
World production is lowered 0.3 million tons led by a 1.0-million-ton cut to Australia’s crop on further drought effects. The United States is lowered 0.5 million tons, and Canada and Serbia are each reduced 0.3 million tons. Partly offsetting are production increases of 1.0 million tons for the EU and 0.7 million tons for Turkmenistan, both on updated harvest reports.
Projected global exports for 2019/20 are lowered 1.2 million tons led by a 1.0-million-ton reduction for Australia reflecting their smaller crop. Total imports are decreased 1.1 million tons with the United States, Turkmenistan, Venezuela, and Kyrgyzstan accounting for most of the decline.
World wheat consumption is reduced 1.1 million tons primarily on a 0.8-million-ton reduction in U.S. feed and residual use. With supplies rising and use declining, global ending stocks are raised 1.3 million tons to a record 287.8 million.