The USDA's estimates of global inventory and production trends for important agricultural commodities mean that wheat and soybean prices continue to rise. Corn prices are less volatile than during the course of the day. For the coming 2022/2023 season, the USDA assumes that the supply of available wheat will be low while demand will increase at the same time. The global forecast is estimated at 774.8 million tonnes, down 4.5 million tonnes from the current marketing year. The production cuts are mainly due to the harvest expectations in Ukraine, Australia and Morocco. Higher e-production is seen for Canada, Russia and the US. The consumption is rated lower. Although the analysts expect a higher demand for food purposes, recycling of residues and feeding purposes are rated lower. Global ending stocks for the 2022/23 season are expected to be 267 million tonnes, down 5% and at their lowest level in six years.
Source
VR AgrarBeratung AG