2023-08-11 23:01:00
World wheat production is expected to be less abundant for the 2023-2024 campaign due to a decline in production in Canada and Europe, slightly offset by more production in Ukraine, according to estimates released Friday by the United States Department of Health. Agriculture (USDA) in its monthly “Wasde” report.
The world supply of wheat will drop marginally by almost 3 million tonnes to 793.37 million, while the European Union should see its harvests fall by 3 million tonnes to 135 million tonnes, due to a decline in Spain, Lithuania and Romania. Canada will also show a reduction of 2 million tonnes due to drought, the Wasde report estimates.
Ukraine is expected to produce 3.5 million tonnes more than in the previous season, according to the USDA, with production of 21 million tonnes. But due to the expiry of the passage agreement with Russia in the Black Sea, the amount of its exports is estimated unchanged at 10.50 million tonnes.
US wheat production is seen down slightly to 47.20 million tonnes and its exports also to 19.05 million.
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The state of world stocks will fall slightly to 265.6 million tonnes, but those of the United States are higher than expected at 16.75 million tonnes, which slightly lowered the price of the cereal at the publication of the report. .
For maize, world production for 2023-2024 is revised down sharply by almost 11 million tonnes, while stocks will also decrease by almost 3 million. US production is expected to fall by almost 6 million tonnes to 383.8 million and that of the European Union by almost 4 million to 59.7 million.
Ukrainian production, on the other hand, will be better at 27.5 million tonnes (+2.5 million) but its exports should not change, still under the pressure of the war, at 5.5 million tonnes.
For soybeans, world corn production is expected to fall by 2.5 million tonnes to 402.8 million due to lower production in the United States. Global stocks will be down a bit at 119.4 million following a drop in US stocks. The United States should also see its exports of corn and soybeans decline.
By Le360 (with AFP)
On 08/12/2023 at 07:01
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