Worldwide wheat stocks to fall as consumption increases
Global wheat consumption is forecast at 804 million tonnes in 2023-24, an increase of nine million tonnes over last year. Meanwhile, production is estimated to have fallen to 787 million tonnes, a seven million tonne decline. That will cause a 17 million tonne decline in world ending stocks.
“This year we expect to see the largest decrease in world ending stocks since 2012,” said Corey Mamchuk, a wheat trader with Cargill who was presenting on behalf of Canada’s exporters.
The gap between supply and demand will be exaggerated this year because of smaller harvests in Canada, Russia and Australia, but it highlights an emerging pattern.
Add comment