USDA Eases World Wheat Supply Forecast
The US Department of Agriculture in its World Agricultural Supply and Demand Estimates report this week made no changes to its domestic wheat outlook for 2022-23 but said the global wheat outlook was for slightly smaller supplies, increased trade and consumption and lower ending stocks compared with February. The USDA forecast the 2022-23 world wheat supply at 1,060.39 million tonnes, down 110,000 tonnes from the February projection. Supplies were lowered on a decrease in beginning stocks (mostly on an increase for China’s 2020-21 feed and residual use), which more than offset an increase in world wheat production.
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