The USDA warns that global wheat production will decline in 2023/2024

Via AFP

Global wheat production for the 2023-2024 campaign will be less plentiful due to lower production in Canada and Europe, slightly offset by higher production in Ukraine, the United States Department of Agriculture (USDA) estimates in its monthly Wasde report.

The global supply of wheat will decrease marginally by about 3 million tons, to 793.37 million, while the European Union will see its harvest drop by 3 million tons, to 135 million, due to declines in Spain, Lithuania and Romania. In Canada, it will also be reduced by 2 million tons due to drought, the Wasde Report estimates.

Ukraine is expected to produce 3.5 million tons more than the previous season, according to the USDA, with a production of 21 million tons. However, with the end of the Black Sea Transit Agreement with Russia, the amount of its exports is estimated unchanged at 10.50 million tons.

Wheat production in the United States will decrease slightly to 47.20 million tons, as will its exports to 19.05 million tons.

The state of global inventories will decrease slightly to 265.6 million tons.

For maize, global production was sharply revised over the period 2023-2024 to decrease by about 11 million tons, while stocks are expected to decline by about 3 million tons.