Record global wheat production has been forecast for 2023/24.
Global wheat production was estimated at 789.8 million tonnes in this month’s United States Department of Agriculture (USDA) World Agricultural Supply and Demand Estimates (WASDE) report.
The report stated larger crops in Argentina, Canada, China, the EU and India are offsetting expected declines in production in Australia, Russia, Ukraine and Kazakhstan.
While production is forecast up, consumption is projected down three million tonnes to 791.7 million tonnes compared with last year.
The report forecast increased wheat production in the US due to an increased area. There is reported to be above average abandonment of crops this year in Texas, Oklahoma and Kansas.
While a record crop is expected, globally wheat supplies are forecast lower, as well as use.
Maize
A record crop of maize is also forecast globally for the 2023/24 season, with increases in production from the US, Argentina, the EU, China and Serbia.
The US corn crop is forecast to be a record in the report at an estimated 15.3 billion bushels, up 10% from last year based on an increased area and yield.
Maize use is also set to increase.
Oilseeds
Global oilseed production is forecast up 43.8 million tonnes in the report to 671.2 million tonnes.
This increase is mainly due to higher soya bean production for South America and the United States, as well as higher sunflower seed production for the EU and higher rapeseed production for the EU and Canada.
Grain prices
At present, this report is pointing towards higher production across wheat, maize and oilseeds.
Grain markets have generally been trending downwards recently due to high supplies and reduced demand.
However, wheat corn and oilseeds were generally on the up on Monday afternoon. Matif wheat for December was at €243.25/t up €4.50/t from Friday’s close.
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