When looking at the most recent WASDE report, what were some of the biggest changes when it came to the global wheat supply?
“Basic story is that world production is down this month quite a bit relative to where we expected it to be last month and that reflects reductions in our expectations of production in the EU, in Russia, and Northwest Africa,” noted World Agriculture Outlook Board Chair, Mark Jekanowski. He added that bad weather impacted the EU crop.
“Dryness across part of the central part of the EU has been hampering production for sometime, we believe, and they did get some pretty beneficial rains in June but our latest data from our satellite imagery and other sources suggest that the crop really hasn’t recovered,” Jekanowski continued.
So, EU wheat production was pulled back one and a half million tons, to one of the smallest wheat crops reported since 2012. Meanwhile, estimates also cut off one and a half million tons of wheat production in the United States.
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