Contrary to what many market participants had previously expected, in today's January WASDE the USDA reduced consumption both in the USA and on a global level. The global consumption of wheat for the 2021/22 season is now stated at 787.5 million tons, which is 1.9 million tons less than previously assumed. At the same time, stocks should grow. For Argentina, the USDA expects a record harvest of 20.5 million tons. The reason for the lower consumption can be seen in reduced quantities for animal feed. For the EU, the WASDE report expects export results to be 0.5 million tonnes better than December WASDE, which would then amount to 37.5 million tonnes. Wheat prices fell significantly as a result of the publication. At yesterday's closing prices, the minus for the March contract at 6:08 p.m. is 15.25 US cents / bu. At the Matif, the courses also turn deeper into the negative. The front month lost 5.25 euros / t on a daily basis until shortly before the close of trading.
