Photo by Adobe Stock.
The IGC production forecast assumes average yields. In 2016-17, world wheat yields were well above average. Harvested area in 2017-18 at around 223 million hectares is nearly unchanged from 2016-17 with larger areas forecast for North Africa and parts of South America offsetting reduced areas in North America, the European Union and Australia.
The IGC forecast world wheat consumption in 2017-18 at a record 737.6 million tonnes, up slightly from the record 736.7 million tonnes forecast for the current year. The IGC noted a forecast increase for food use in 2017-18 was partly offset by a decrease in forecast feed use. Food use of wheat in 2017-18 was forecast at 503 million tonnes, up 1.4% from the current year.
World trade in wheat in 2017-18 was forecast at 166.3 million tonnes, down 4.3 million tonnes from a forecast record 170.6 million tonnes in 2016-17.
The IGC projected world wheat ending stocks in 2017-18 at 239 million tonnes compared with a record 240.3 million tonnes in 2016-17.