2023-06-09 18:26:00
World wheat supply will increase by 10.8 million tonnes to 800.19 million tonnes, not including remaining stocks of 266 million tonnes, “mainly due to higher production from Russia, India, EU and Ukraine”. Russia should thus post a production of 85 million tonnes, up 3.5 million compared to the previous estimate, thanks to favorable weather conditions “in particular abundant spring rains”. India will also increase its production by 3.5 million tonnes to 113.5 million. European wheat production is expected to be up by 1.5 million to 140.5 million tonnes. Finally, Ukraine should produce a million tonnes more than estimated, at 17.5 million tonnes “thanks to favorable weather conditions in southern Ukraine” even if production remains lower than the year last (20.1 million tons) and before the war (33 million). Also for maize, the world supply will increase but to a lesser extent, increasing by 3.8 million tonnes to 1.22 billion tonnes, according to forecasts in the USDA report. The increase comes mainly from Ukraine with 2.5 million tonnes more corn than previously expected. Reacting to these better production numbers, wheat prices for the July 23 futures contract edged down 0.12% to $6.2550 a bushel around 4:40 p.m. GMT (6:40 p.m. Brussels time). The price of the corn futures contract fell 1.07% to $6.0400. (Belga)
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