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World Wheat Production, Ending Stocks Cut

The US supply-demand picture is unchanged from last month, but dryness and declining production prospects in key exporting countries have tightened the 2023-24 world wheat outlook substantially. 

The USDA in its monthly supply-demand outlook on Tuesday hacked its 2023-24 global wheat supply estimate by 7.2 million tonnes from last month, with expected production falling to 787.34 million tonnes from 793.37 million in August and 790.59 million a year earlier. If accurate, it would be the first year-to-year decline in global wheat production since 2018-19. 

With a smaller crop – and projected demand little changed - the USDA is now projecting 2023-24 global wheat ending stocks at 258.61 million tonnes, down from 256.61 million in August, 267.13 million a year ago and potentially the lowest since 2015-16. “Ending stocks are tightened in many countries this month, particularly for several major wheat exporters,” the USDA said. 

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