USDA Sees Record Global Wheat Crop

The world wheat crop is expected to hit a record. However, USDA did make an offset adjustment in the production of world wheat in February, USA. Ag Outlook Board Chair Mark Jekanowski.

“Argentina had a huge wheat crop this year. We raised their production estimate this month by 300,000 tons, but we made a reduction in Turkey's wheat production forecast, brought that down about a half a million tons.

As for this month's global balance sheet, there were minimal changes.

“We raised Argentina's wheat exports by 2 million tons this month, and that shows up in our global wheat balance sheet as an increase in total global trade of 2.2 million tons.”

When it comes to the US wheat supply and demand estimate,

“Information from the most recent flour milling report from NASS showed a little bit lower food use. So we lowered our food use production forecast by 5 million bushels. That in turn increases ending stocks by the same amount.”

Once again, USDA. Ag outlook, Board Chair Mark Jekanowski with the USDA, February global wheat outlook. I'll leave you at this quick note. The commodity classic begins on February 25 next week and runs through the 27th in San Antonio, Texas, with today's Line on Agriculture Report. I'm Lorrie Boyer for the Ag Information Network.