13.
10.23
09:23

USDA expects lower global wheat production

The figures from WASDE published yesterday evening brought a halt to the downward trend in wheat prices. In Paris it rose by 2.25 euros in the December contract to 233.25 euros/t. The subsequent contracts also had green signs. In Europe itself, new figures from the French Ministry of Agriculture also provided support. The authority expects the country's wheat exports outside the EU to be 9.8 million tonnes this season, 300,000 tonnes more than previously expected. This adjustment is due in particular to the expected demand from China. Globally, the USDA cut the wheat forecast again yesterday. Compared to the previous month, 3.9 million tons less wheat is expected. While the area yields and harvest volumes in the USA were adjusted upwards, the USDA gave the red pencil for Australia (-1.5 million tons), Kazakhstan (-2.0 million tons) and Ethiopia (-2 million tons). at. Global ending stocks are also rated slightly lower. For Europe, the US Department of Agriculture continues to expect a harvest of 134 million tons.Before the trading session, wheat prices on the CBoT started somewhat weaker, but are already trending green again at the moment.

Source
VR AGRICULTURE
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