USDA analysts have reduced the global wheat crop in the 2023/24 season by 3.9 million tons

The world wheat production in 2023/24 season is forecasted at 783.43 mln tonnes, according to the October WASDE. USDA analysts lowered the forecast by 3.91 mln tonnes. The world exports will also decrease by 1.08 mln tonnes compared to the September forecast and will amount to 206.26 mln tonnes. Experts estimated the forecast of ending wheat stocks in the world at 258.13 mln tonnes (-0.48 mln tonnes).

USDA experts left unchanged their forecast of wheat harvest in Ukraine in 2023/24 MY – 22.5 mln tonnes. The export estimates were also left at 11 mln tonnes. The forecast of ending stocks was lowered by 0.03 mln tonnes to 4.08 mln tonnes.

The forecast for the wheat harvest in the United States was increased by 2.11 million tons to 49.31 million tons. The export forecast remained unchanged at 19.05 million tons. Ending wheat stocks in the United States will increase by 1.47 million tons to 18.22 million tons.

Forecast for the major wheat exporters for 2023/24 MY (October report compared to September):

USDA analysts did not change the forecast of wheat production in China in 2023/24 MY and left it at 137 mln tonnes, while the imports were estimated at 0.9 mln tonnes. The ending stocks were left at 132.92 mln tonnes.

Tags: USDA Report, wheat, Argentina, crop forecast, Australia, Ukraine, China, EU, Canada