Wheat Outlook: September 2020
U.S. Export Prospects Improved on Reduced Price Outlook and Competitor Production Cuts
The global outlook for 2020/21 wheat production is raised more than 4 million metric tons this month to 770.4 million on sizable gains for Australia, Canada, and the European Union. Based on production gains that place Canada’s estimated 2020/21 wheat crop at near-record size, Canadian exports are projected to be record-high at 25 million metric tons or 13 percent of global exports (fig. 1). The U.S. export forecast is maintained at 27 million metric tons, based on the current estimate for exportable supplies, the pace of sales and commitments to date, relative prices, and expectations for sustained demand. Among key competitors, the U.S. is expected to export the second-greatest volume of wheat in the new marketing year, behind only Russia. At 37.5 million metric tons, Russia is forecast to be the leading global wheat exporter.
See the Wheat Outlook.