The USDA global wheat outlook for the current marketing year 2021/22 indicates a slight decrease in production compared to the previous month, slightly higher consumption, significantly increased trade and lower closing stocks. Global wheat production fell by 0.6 million tons to 775.3 million tons in November, as the European Union, the United Kingdom and Turkey reported lower harvests. For this purpose, the USDA assumes a higher production for Russia compared to the previous month.
EU production decreased mainly due to downward adjustments in France and Germany. these The downward adjustments were partially offset by the increased wheat yield in Romania.
The USDA raised Russian wheat production by 2.0 million tons in November to its current level of 74.5 million. This correction comes on the heels of the latest harvest estimate by the Russian Ministry of Agriculture. This reduced the area harvested somewhat, but increased the yield of winter and summer wheat.
Global wheat consumption increased slightly by the USDA by 0.4 million tons to 787.2 million tons. This is mainly due to the large consumption volumes in Russia, Iran and Turkey. In contrast, the consumption of the European Union, the United Kingdom and Ukraine has also been reduced.
The global trade volume will increase by 3.5 million tons, reaching a new record high of 203.2 million tons. These include increased exports from the European Union (which pushed up European wheat prices) and increased exports from India, Russia and Ukraine.
Expected global end inventories were reduced by 1.4 million tons to 275.8 million tons in November, with Australia, the European Union and India accounting for most of the decline.
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