Market Outlook

Wheat Outlook, November 2019 (summary)

Production Cuts for U.S. More than Offset by Gains for EU and Russia, Global Exports Lifted

Challenging weather has impacted the 2019 wheat production forecast for several key exporting countries. In the U.S., early winter weather cut into harvested area estimates, lowering all wheat production by more than 1 million metric tons. Ongoing dry conditions have led to further production cuts for Argentina and Australia, down 0.5 and 0.8 million metric tons, respectively. However, an improved outlook for 2019 wheat production in the European Union (up 1.0 million
metric tons) and Russia (up 1.5 million) more than offset reduced production elsewhere. Aggregate global production is raised about 0.3 million metric tons this month and supports a one million metric ton increase in projected global exports for 2019/20 (fig. 1)

 

See the November Wheat Outlook report and previous reports.