Posted on February, 17, 2025 at 10:11 am
This year’s already record-high global wheat production projection grew slightly in the US Department of Agriculture’s (USDA) latest appraisal.
The USDA in its Feb. 11 World Agricultural Supply and Demand Estimates (WASDE) report said the global wheat outlook for 2024-25 was for slightly larger supplies and higher consumption but decreased trade and ending stocks.
The USDA forecast the 2024-25 world wheat supply at 1.061 billion tonnes, up 600,000 tonnes from the January projection, based primarily on higher production for Kazakhstan and Argentina. The USDA forecast 2024-25 world wheat beginning stocks at 267.49 million tonnes, up 20,000 tonnes from January.
World wheat production was forecast at a record-high 793.79 million tonnes, up 550,000 tonnes from January and up 2.58 million tonnes from 791.2 million tonnes in 2023-24, the current record world outturn.
The USDA increased its global consumption projection by 1.8 million tonnes, to 803.7 million tonnes, on higher feed and residual use for the EU, Kazakhstan, Thailand and Ukraine. The Department lowered its global export projection by 3 million tonnes, to 208.99 million tonnes, with export reductions for the EU, Mexico, Russia, Turkey and Ukraine.
Citing a continued sluggish import pace, the USDA decreased China’s wheat imports by 2.5 million tonnes, to 8 million tonnes, the largest import adjustment in the report. If realized, it would mark China’s lowest wheat imports in five years. China was the top global wheat importer in 2023-24 at 13.6 million tonnes.
Projected 2024-25 ending stocks were lowered 1.3 million tonnes, to 257.6 million tonnes, on a reduction for China that is only partly offset by increases for Russia, Kazakhstan and Ukraine.
Source: World Grain