USDA increased the global wheat production forecast for 2022/23 this month. This was due to an adjustment made to Brazil’s wheat production. Ukraine wheat exports are estimated to be stronger than before which increases global wheat exports. With an increased demand from the European Union, China, Turkey, Saudi Arabia, and Algeria, global imports are projected to be higher, despite the decline in imports from Morocco and Indonesia. Global consumption is forecast down because of Syria, Nigeria, and Indonesia’s reduction in food, seed, and industrial use.
The prospects of larger crops in India, Russia, the European Union, and Ukraine led to USDA’s increase in the 2023/24 global wheat production. Global trade was also estimated to increase with larger supplies in India, Russia, Ukraine, and the European Union. China’s imports are forecasted to increase due to the impact of the heavy rains. With greater demand from China, global imports are estimated to rise as well. Food, seed, and industrial use in Syria is forecasted to decline. Nonetheless, China, Russia and India’s forecasted increase in food, seed, and industrial use in 2023/24 influences USDA’s increase in global consumption.
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