USDA Reduces Global Wheat Supplies Forecast For MY 2018/19
12-Oct-18   08:43 Hrs IST

The latest release from United States Department of Agriculture (USDA) stated that the global 2018/19 wheat supplies are reduced from 733 million tonnes to 730.92 million tonnes, primarily on lower production forecasts for Australia and Russia. Australia's production is decreased 1.5 million tons to 18.5 million on continued dry conditions and possible frost damage. This would be Australia's smallest production since 2007/08. Russia's wheat production is reduced 1.0 million tons to 70.0 million on lower-than-expected yields in some spring wheat areas. Projected global 2018/19 trade is lower, almost all on reduced Australian exports, which are down 1.0 million tons to 13.0 million. Global imports are decreased with Bangladesh, Azerbaijan, and Nigeria accounting for most of the reduction. Projected 2018/19 world consumption is fractionally lower, primarily on less use in Azerbaijan, Bangladesh, Nigeria, and the United States. Global ending stocks are reduced 1.1 million tons to 260.2 million, down 5 percent from last year's record.

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