USDA Raises World Wheat Crop Projection by 2.62 Million Tons
In its latest World Agricultural Supply and Demand Estimates (WASDE) report issued on June 10, the U.S. Department of Agriculture (USDA) raised its forecast for global wheat production for 2015/16 by 2.62 million tons to 721.55 million tons – up from its May estimate of 718.93 million tons. Production estimates were raised by 1.5 million tons for Russia, 1 million tons for Ukraine, and 400,000 tons for the EU. Although estimates are on an upward trend, output is still predicted to be 4.39 million tons less than the record output of 726.32 million tons in 2014/2015.
Worldwide ending wheat stocks for 2015/16 are forecast to be 202.4 million tons – lower than the agency’s May estimate of 203.32 million tons, but above the 200.41 million ton carryover in 2014/15.
Global wheat consumption for 2015/16 is projected to be 719.56 million tons, buoyed by increased use of feed wheat, surpassing consumption of 715.89 million tons the previous year.