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The U.S. Department of Agriculture ( USDA) raised its forecast to carry wheat to 925 million bushels on June 1, 2021, down 16 million bushels from the May projection but fell to 58 million bushels, or 6%, from 983 million bushels in 2020.
The USDA forecasts 1.877 billion bushels of wheat production in 2020, up from 11 million bushels in May outlook but down from 1.920 billion bushels in 2019 to 43 million bushels or 2%. In a statement accompanying the supply and demand forecast, the USDA said, "Winter wheat production is projected to be 1266 million over 11 million bushels, which will exceed the slight decline for hard red winters and white winters for soft red winters."
The USDA has left 140 million bushels of wheat import forecast unchanged from May 2020-21 unchanged. Total U.S. wheat supply in 2020-21 was estimated at 3.000 billion bushels, up from 16 million bushels in May, due to a higher productivity outlook and an estimated 5 million-bushel increase in stocks at the beginning.
The USDA forecast all wheat demand for May 2020-21, including 964 million bushels of food consumption, 61 million bushels of seed consumption, 100 million bushels of feed and residual consumption, and 950 million bushels of exports. The USDA's 2019-20 wheat exports are estimated at 965 million bushels.
Source: Online/SZK
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