World wheat production forecast for 2019/20 climbed 5 pct up

USDA experts cut the forecast for world wheat production in 2019/20 by 3.3 million tons to 768.07 million tons, while the previous season's forecast was 37.52 million tons higher (2018/19: 730.5 million tons).

In particular, the estimate of grain production in 2019/20 was revised for:

• Argentina — up to 20.5 million tons (0.5 million tons more from the July forecast; 1 million tons more vs. 2018/19);
• EU — up to 150 million tons (1.3 million tons less from the July forecast; 13.14 million tons more vs. 2018/19);
• Russia — up to 73 (1.2 million tons less from the July forecast; 1.31 million tons more vs. 2018/19);
• Ukraine — up to 29 (0.2 million tons more from the July forecast; 3.94 million tons more vs. 2018/19);
• Kazakhstan — up to 13 million tons (1 million tons less from the July forecast; 0.95 million tons less vs. 2018/19).

USDA analysts reduced the forecast for world wheat exports in 2019/20 to 182.63 million tons, which is higher from in the previous season (174.16 million tons).

The forecast for world wheat end stocks in the August USDA report is reduced to 285.4 million tons, 1.06 million tons less from the previous forecast (286.4 million tons), although it is higher than the 2018/19 stocks — 275.5 million tons. 

Previously reported that corn fell in price after the USDA reported the American farmers having planted more than analysts expected.