The USDA has estimated Australia’s coming wheat crop at 22 million tonnes, in line with ABARES’ most recent projection, but around 3Mt above industry expectations.
The USDA and ABARES released updates for their relevant papers on crop production this week, sparking up markets as the July CBOT wheat contract traded at US52c/bu weekly range (A$27/t) and ended closing lower at 499.50c/bu.
Brazil displaced the US as the world’s biggest soybean exporter in 2013/14, and is banking the windfall of not only big crops but also dramatically depreciating currency to maintain its top ranking among world soybean exporters, says USDA.
North Africa and the Middle East regions have been supplanted by rising wheat demand in Southeast Asia and Sub-Saharan Africa to become the world’s major import destinations for wheat trade.
Global cotton production for 2018/19 is forecast to be lower, with declines for China, Pakistan, and Australia partially offset by an increase for Brazil, according to the latest monthly report from the United States Department of Agriculture.
Russia is forecast to ship 35 million tonnes (Mt) of wheat in 2018/19 to retain its position as the world’s largest exporter of wheat, according to the United States Department of Agriculture (USDA) June 2018 World Agricultural Supply and Demand Estimates (WASDE) report.
Global cotton consumption is forecast to reach a record level of just over 125 million bales in 2018/19, while world ending stocks are forecast to be down slightly, according to the USDA.
World wheat production for 2018/19 is set to fall below consumption levels for the first time in years for wheat, and for the second consecutive year for coarse grains, according to the latest United States Department of Agriculture (USDA) report released overnight.
THE USDA’s March World Agricultural Supply and Demand Estimates (WASDE) have lifted the figure for Russia’s 2017/18 full-year wheat exports to 37.5 million tonnes (Mt), up from the record 36Mt forecast in February. USDA’s March estimate of world wheat trade rose very slightly from the February figure to 182Mt, while world domestic usage fell 2Mt
Indonesia has eclipsed Egypt as the world’s largest importer of wheat, according to the February World Agricultural Supply and Demand Estimates (WASDE) report released overnight by the USDA.