US wheat supply outlook rises as exports decline, USDA says

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Soybeans stored in Ohio after harvest

by Mark Weinraub

CHICAGO (Reuters) – US wheat supplies will be higher than previously expected as exporters have been unable to secure new trade even as conflicts between Ukraine and Russia disrupt shipments from the Black Sea region, officials said. he said. US government this Friday.

Importing countries were initially expected to get alternative supplies after Russia invaded Ukraine in late February, but exports from Russia have picked up recently.

The US Department of Agriculture (USDA) lowered its forecast for Ukraine’s wheat exports from 1 million tonnes to 19 million and raised its forecast for Russian wheat exports from 1 million to 33. million tonnes. Together, the two countries are expected to account for about 26% of global wheat exports.

Before the invasion, the USDA predicted that the two countries’ combined wheat exports would be 59 million tonnes.

The USDA left its outlook for domestic corn supply unchanged in its monthly report, with US exports in line with forecasts for March.

for the business year 2021/22 ending May 31. The final stock of wheat was estimated at 678 million bushels, an increase of 25 million from the previous month. The USDA cut its US export outlook by 15 million bushels and feed and waste sector use by 10 million.

Global wheat stocks had hit a five-year low of 278.42 million tonnes.

Final stocks of corn were estimated at 1.440 billion bushels, unchanged from the previous month, and final stocks of soybeans were seen at 260 million bushels, down 25 million from the previous month as the crop in Brazil increased overseas demand for US soybeans. had increased.

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(by Mark Weinraub)

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