Global wheat supplies increased, production record high
This is according to the World Agricultural Supply and Demand Estimates by the USDA. The largest change to beginning stocks is a 2 million ton increase for China, which is raised on a multi-year revision in total use. World beginning stocks are raised 1.7 million tons.
World wheat production remains at a record high and is raised 0.4 million tons led by a 0.5-million-ton increase for Argentina and a 0.3-millionton increase for Ukraine.
Kazakhstan is lowered 0.3 million tons. Foreign trade is raised 2.3 million tons led by a 1.5-million-ton increase for Canada exports on a fast pace to date. Argentina and Turkey exports are each raised 0.5 million tons.
Imports are raised 0.5 million tons for Ethiopia on increased needs stemming from the drought, and 0.3 million tons each for China and South Korea.
World wheat consumption for 2015/16 is lowered 4.7 million tons led by a 4.0-million-ton decrease for China as government policies reduce the food and feed uses of wheat in favor of other grains.
India consumption is lowered 2.9 million tons on government stocks data that was larger than expected. With wheat supplies increasing and total usage decreasing, global ending stocks are raised 6.8 million tons to a record 238.9 million tons. ■