Urner Barry Releases May Soy & Wheat Report
In the latest WASDE report, the USDA stated that the outlook for 2022/23 wheat this May is reduced supplies, lower exports, and higher prices. U.S. 2022/23 wheat supplies are projected down 3%, as lower beginning stocks more than offset a larger harvest. All wheat production is estimated at 1,729 million bushels, up 83 million from a year ago. Also, all wheat yield is projected at 46.6 bushels per acre, a slight increase from last year. The USDA's first survey-based forecast for 2022/23 winter wheat production is down 8% from last year, with abandonment for Winter Wheat at the highest level since 2002. However, Spring Wheat production is expected to rebound significantly from last year's drought-reduced Hard Red Spring and Durum crops primarily on return-to-trend yields.
Globally, the 2022/23 wheat outlook is for lower supplies, increased trade, and reduced ending stocks. Production is forecast at 774.8 million tons, 4.5 million lower than a year prior. Reduced production in Ukraine, Australia, and Morocco was partially...
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