The USDA has raised its estimated global consumption of wheat by 1.9 million tonnes to 789.4 million tonnes. This is due to the higher consumption of feed wheat and slightly less wheat for food, seed and industrial use.
Large-scale production and also for the EU will account for the bulk of the feed growth in Australia and Russia, as prolonged rains will result in more wheat ending up in feed here as well, leading to poor quality. Crop grain. World trade forecast for 2021/22 was at a record high of 205.5 million, with an increase of 2.3 million tonnes by the USDA.
The reason for this is more exports from Australia, European Union, India and Ukraine. The biggest change in imports affects Iran, with an increase in imports from 1.5 million tonnes to 7.0 million tonnes: this is due to an even smaller crop. This will be the largest Iranian wheat import ever, exceeding the previous record of 6.8 million tonnes since 2008/09.
Global closing stocks estimated by the USDA in 2021/22 have been increased by 2.4 million tonnes to 278.2 million. The largest increases were made in Australia and Canada, as well as in the United States. Despite the revised upper closing shares, they are still at 5-year lows.
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