MarketsFarm — The latest U.S. forecast puts world wheat production at a new record in 2021-22, with bigger crops in a number of countries more than offsetting expected decreases in Canada and Australia.
According to the first outlook for the marketing year from the U.S. Department of Agriculture, total world wheat production for 2021-22 is forecast to hit a record 789 million tonnes, which would compare with the 776.1 million tonnes grown the previous year.
Total world wheat usage is forecast to increase by eight million tonnes on the year, leaving world ending stocks of 295 million tonnes, only up slightly from the 294.7 million-tonne projected wheat carryout for the current marketing year, USDA said in its world agricultural supply and demand estimates (WASDE) on Wednesday.
Of the totals, U.S. wheat production in 2021-22 is forecast at 51 million tonnes, which would be up from 49.7 million tonnes the previous year. Wheat class estimates will be released in July.
USDA forecast Canada’s wheat crop at 32 million tonnes, which would be down from the 35.2 million tonnes grown the previous year.