Market Outlook

Wheat Outlook: July 2020 (summary)

U.S. 2020/21 Wheat Crop Shrinks on Reduced Outlook for Winter and Other Spring Wheat

The 2020/21 U.S. wheat crop was cut 53 million bushels this month to 1,824 million (49.6 million metric tons) on newly released survey data. Winter wheat production is lowered 48 million bushels from the June estimate and accounts for most of the all-wheat production decline. At 550 million bushels, other spring wheat production is slightly smaller than the previous 2020/21 projection. Durum, soft red winter, and spring white wheat varieties are the only wheat classes for which production is expected to increase year-to-year. The smaller outlook for U.S. wheat combines with reduced production forecasts for both the European Union (cut 1.5 million metric tons) and Russia (cut 0.5 million) and contributes to a reduction of more than 4 million metric ton for global wheat production (fig. 1). Despite this month’s reduction, global wheat production remains record-large and supports the outlook for record-high exports.

 

See the Wheat Outlook.

Last updated: Wednesday, July 15, 2020

For more information, contact: Jennifer K. Bond