In the latest monthly report, the Ministry of Agriculture of the United States raised its assessment of the world production of wheat in the current agricultural season with another 6.5 million tons to 751.3 million tons.
The most significant is the positive adjustment for Australia, where the harvest was increased by 4.7 million tons to a record 33 million tons. The conditions for growing of wheat there are close to ideal, and sown areas also appear to be more than expected so far. Experts of the Ministry provide a strong harvest in China, where the assessment was increased by 0.9 million tons, and the European Union and Brazil, where assessment was increased by 0.4 million tons.
The forecast for world export of wheat was increased by 2.6 million tons to 176.8 million tons, as only Australia will ship abroad 3.5 million tons more than previously estimated. However, prediction of wheat exports from Russia was reduced by 1 million tons to 29 million tons.
In upwards is corrected and the anticipation of world consumption of wheat. The figures were increased by 3.3 million tons to 739.77 million tons. If it is justified, the result will be record in the world’s history.
As the forecast for the world production was raised more than those of demand, the assessment of closing stocks of wheat also increased by 2.9 million tons to 252.14 million tons, which is also record high in this ranking.
Following the new assessment of the world wheat production and increasing stocks, its price of commodity reduced and remained below its year-earlier levels.
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