USDA Wheat Outlook June Report: Global Production Forecast at Record in 2023/24
According to the USDA Wheat Outlook June Report:
Global wheat production is forecast at a record 800.2 million metric tons (MMT), up 10.4 MMT from the May forecast (figure 1).
The European Union is currently forecast as the top wheat producer at 140.5 MMT, up 1.5 MMT on favorable growing conditions in France, Hungary, and Italy.
China and India are the second and third leading producers, production in those countries is largely unavailable to the global market.
China’s production forecast is unchanged at 140.0 MMT and India is raised 3.5 MMT to 113.5 MMT.
Russia and Southern Ukraine received beneficial spring precipitation boosting yields. Russia is forecast up 3.5 MMT to 85.0 MMT which is down 7.0 MMT from last year’s record 92.0 MMT. Ukraine is up 1.0 MMT from the May forecast to 17.5 MMT.
The increase in global production supports higher consumption, increased trade, and larger ending stocks.