USDA raised its global wheat and corn production forecasts
The March USDA report contains a 2.8 MMT higher estimate for the world’s 2016/17 wheat production, which is currently predicted at 751.1 MMT. The gain results mostly from increased wheat crop forecasts for Argentina and Australia, reports UkrAgroConsult.
Additionally, in its new report the USDA raised the global corn crop estimate by 9 MMT to 1049.2 MMT. The reason is expectation of greater corn production primarily in Brazil, as well as in South Africa and Argentina.
The forecast for global barley output in 2016/17 was upwardly revised, too. The March USDA estimate for the world’s barley harvest is up almost 3 MMT at 147 MMT, mostly due to expectation of greater production in Australia.
The new report brought no significant changes with regard to the Black Sea countries. Only Russia’s barley export potential was revised downward to 3.6 MMT (down 300 KMT).