The U.S. Department of Agriculture (USDA) released the April World Agricultural Supply and Demand Estimates (WASDE) report, which provides updated forecasts for wheat and corn production, consumption, trade and stocks for the 2024/25 marketing year.
Wheat: global trends
– Production: forecast reduced by 0.3 million tonnes to 796.9 million tonnes, mainly due to lower production in Saudi Arabia and the EU.
– Consumption: down 1.4 million tonnes to 805.2 million tonnes, driven by reduced food, seed and industrial use in India and China.
– Trade: export forecast reduced by 1.3 million tonnes to 206.8 million tonnes. Lower exports are expected for Russia (-1.0 million tonnes to 44.0 million tonnes), Australia (-0.5 million tonnes to 25.5 million tonnes) and the EU (-0.5 million tonnes to 26.5 million tonnes), partially offset by higher exports from Canada (+0.5 million tonnes to 26.5 million tonnes) and Ukraine (+0.5 million tonnes to 16.0 million tonnes).
– Stocks: World ending stocks increased by 0.6 million tonnes to 260.7 million tonnes, 3% below the previous year and the lowest since MY 2015/16.