Global 2017-18 wheat supplies increased, primarily on higher production forecasts for Argentina and Ukraine. Argentina’s wheat production increased by 500,000 tonnes to 18 million based on higher-than-expected yields from the later harvest stages. Ukraine wheat production increased 481,000 tonnes to 27 million based on updated government data.
World 2017-18 trade is raised in February as higher exports from Russia, Argentina, and Canada more than offset reduced exports from the E.U. and the United States.
Projected imports are increased for Indonesia and several African countries while reduced for India, the E.U., Iran, Brazil, and Mexico.
Total world consumption is projected 3.1 million tonnes higher, primarily on greater usage from Indonesia and China. Projected global ending stocks are 1.9 million tonnes lower this month at 266.1 million but remain significantly higher than a year ago.