Wheat and Corn trends, an global outlook for 2023/2024
In the 2023/2024 period, wheat usage for food sees a decrease of 10 million bushels according to the United States Department of Agriculture (USDA). The latest World Agricultural Supply and Demand Estimates (WASADE-645) report, released on February 8th, 2024, outlines a stable supply outlook for U.S. wheat, with lower domestic utilization, unchanged exports, and increased ending stocks. The projected season average farm price remains steady at $7.20 per bushel. For the non-US readers 1 bushel equals 27 kg of wheat. Globally, there's an uptick in wheat supplies, consumption, and trade, although with a decrease in trading stocks. This surge in supplies is attributed to heightened production in Iraq and Argentina. Global consumption has risen by 1.1 million tons, primarily driven by increased usage in India, where wheat trade is being leveraged to tackle price inflation. Additionally, global trade has increased by 1.2 million tons. In February 2023/2024, the U.S. corn outlook i...