World wheat production is expected to be less abundant for the 2023-2024 season due to lower production in Canada and Europe, slightly offset by higher production in Ukraine, according to estimates released Friday by the Department of Health and Agriculture. from the USA (USDA). ) in their monthly “Wasde” report.
World wheat supplies will fall marginally by almost 3 million tons to 793.37 million, while the European Union should see its harvests fall by 3 million tons to 135 million tons, due to declines in Spain, Lithuania and Romania. . Canada will also show a reduction of 2 million tons due to the drought, the Wasde report estimates.
Ukraine is expected to produce 3.5 million tons more than the previous season, according to the USDA, with a production of 21 million tons. But due to the expiration of the passage agreement with Russia in the Black Sea, the amount of its exports is estimated unchanged at 10.50 million tons. US wheat production is slightly reduced to 47.20 million tons and its exports also to 19.05 million.
The state of the world stocks will drop slightly to 265.6 million tons, but those of the United States are higher than expected by 16.75 million tons, which caused the price of the cereal to drop slightly at the publication of the report.
war in ukraine
For maize, world production for 2023-2024 is sharply revised downward by almost 11 million tons, while stocks will also decline by almost 3 million. US production is expected to fall by almost 6 million tons to 383.8 million and that of the European Union by almost 4 million to 59.7 million. Ukrainian production, on the other hand, will be better by 27.5 million tons (+2.5 million) but its exports should not change, even under the pressure of the war, by 5.5 million tons.
For soybeans, world corn production is expected to fall by 2.5 million tons to 402.8 million due to lower production in the United States. Global shares will be down a bit at 119.4 million after a drop in US stocks.
The United States should also see its corn and soybean exports decline.
Source: BFM TV
