Wheat: USDA reduces global production forecast

In Paris yesterday, wheat also went south. The front month of December closed with a daily drop of 2.25 euros/t at 232 euros/t. Yesterday, Poland, Hungary, Romania, Slovakia and Bulgaria renewed their demand for an extension of the so-called grain ban. Since May, the EU Parliament has banned the storage and distribution of agricultural products from Ukraine in these countries in order to protect domestic markets. This regulation expires on September 15th. Overall, yesterday's trading day was influenced by the WADE report from the US Department of Agriculture. At the CBoT, the prices were again in green. In the meantime, wheat on the Chicago Stock Exchange was trading at its lowest level since December 2020. The adjustments to the estimate for US production were limited, but the USDA surprisingly reduced the ending stocks at the end of the marketing year by 7 million tons to 258.6 million . Metric tons. In particular, gloomy production prospects for Australia, Canada, the European Union and Argentina prompted the experts to make the correction. For Europe, the ministry is now expecting 134 million tonnes of wheat instead of the previous 135 million tonnes; Canadian production has increased by 2 million.tonnes reduced to 31 million tonnes. For Russia, the USDA saw no need for adjustment and continues to expect production of 85 million tons; ICAR had recently expected 91 million tons. The production forecast for Ukraine was increased by 1.5 million tons to 22 million tons. Global consumption was reduced, as were expectations for global export demand. The Asian region in particular is likely to have less demand for imported goods. However, before the trading session, the contracts on the CBoT are trending red again today.

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