USDA reduced the global wheat production forecast by 4%
Experts reduced the global wheat production volume in MY2018/19 to 729.6 million tons, which is 6.6 million tons (or 4%) less than the previous estimates and is by 28.4 million tons below the MY2017/18 rate.
According to experts, the major decline in production is expected in the EU — to 137.5 million tons (–7.5 million tons in July and –14.1 million tons vs the previous season).
The forecast of the global cereal grain stocks in MY2018/19 is also reduced to 258.9 million tons against 260.8 million tons in the July forecast, which is lower than the indicator of MY2017/18 (273 million tons).
The assessment of stocks has changed in the US — 25.4 million tons (+0.9), the EU — 10.12 million tons (–0.27), and Pakistan — 4.64 million tons (+0.6).
Earlier it was reported that the NIBULON company projected more than 60% of the cereal grain of the 2nd and 3rd classes, which corresponds to about 15 million tons of milling wheat.