USDA Raises Global Wheat Production By 1.6 Million Tonnes For MY 2018/19

As per the latest release by United States Department of Agriculture (USDA), the world wheat production for the 2018/19 market year is raised 1.3 million tons to 734.75 million tonnes, led by a 1.6-million-ton increase for Russia, a 0.6-million-ton increase for Brazil, and a 0.5-million-ton increase for Paraguay. These changes are partly offset by a 1.1 million ton decrease for China and a 0.3- million-ton decrease for Argentina. All these production changes reflect updated government statistics and harvest results. Global exports are raised 1.3 million tons led by a 0.7-million-ton increase for Pakistan on reports of new export subsidies. Russian exports are raised 0.5 million tons and Paraguay is raised 0.4 million tons, both on larger exportable supplies. In contrast, Australias exports are lowered 0.5 million tons on a slow pace to date, and Argentina exports are down 0.2 million tons reflecting the smaller crop. Global use for 2018/19 is raised 2.0 million tons, primarily on a 2.0-million-ton increase in China feed and residual use. With global use rising more than supplies, world ending stocks are lowered 0.6 million tons to 267.5 million.