Market Outlook

Wheat Outlook, December 2019 (summary)

Production Cuts for Key Competitors Create Opportunities for U.S. Wheat

While global 2019/20 wheat production is virtually unchanged from the November 2019 forecast, cuts for key U.S. competitors—Argentina, Australia, and Canada—create potential opportunities for U.S. export advancement. Trade year exports for Argentina, Austalia, and Canada are reduced 0.5 million tons, 0.4 million, and 0.5 million, respectively. Lower exports for these countries are partialy offset by higher exports for the U.S. and Russia. Total U.S. committements are up 11 percent relative to the same time last year and U.S. price competiveness in some markets has improved; however, the U.S. share of global exports remains virtually unchanged from 2018/19 (fig.1). While Russia’s exportable supplies are lower this year, the country continues to command the greatest share of global wheat exports.

 

See the December Wheat Outlook report and previous reports.