The U.S. Department of Agriculture slightly increased the forecast of world wheat production in 2021/22 MY to 778.6 million tons, ProAgro Group reports, citing the January report of the Ministry.
January’s wheat production estimate is 710 thousand tons higher than the one given by U.S. government analysts in the previous report in December 2021. The increase in the forecast came at the expense of Argentina, for which it was raised by 0.5 million tons to 20.5 million tons, and the EU, to which 0.2 million tons – to 138.9 million tons – were added to the harvest.
At the same time, the forecast for world wheat exports decreased by 160 thousand tons – to 206.698 million tons, compared to the December estimate. The forecast of exports from the Russian Federation was reduced by 1 million tons, to 35 million tons. In the meantime, the forecast for export from Argentina was increased by the same 1 million tons – to 14 million tons, and by 0.5 million tons for the EU – to 37.5 million tons.
Estimates of the parameters of the Ukrainian wheat market in the January report of USDA left unchanged: the production in the current season of 33 million tons, export – 24.2 million tons.
