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Australia, Russia Impact World Wheat Picture

The USDA is out with its latest world wheat outlook, and Russia and Australia made most of the noise.

World Agricultural Outlook Board Chair Mark Jekanowski says the increase in global wheat production is reflected in the world balance sheet, with the rise in most categories month-over-month.“Australia’s production, we raised that 1.4 million tons to 38 million tons. The current forecast would be the third-consecutive record-large crop in Australia. With Russia, there we raised our production forecast a million tons, so it’s now currently at 92 million tons. That also, for Russia, would be record-large.”

The U.S. wheat supply and demand estimates saw minimal changes, but one that was noticed according to Jekanowski; “Season average market price, we lowered it $0.10 a bushel. The current price of $9 per bushel, that would still be a record.”

Story provided by NAFB News Service and Glenn Vaagen, PNW Ag Network, Pasco, Washington

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