WORLD wheat production estimates have dropped significantly this season, with the United States Department of Agriculture October forecast for 2018-19 a mere 730.92 million tonnes.
That’s a 2.15 per cent drop since the May figure of 747 million tonnes. The report, released earlier this month, put estimated world wheat ending stocks at 260.18 million tonnes, and also blamed prolonged drought conditions in Australia for a dampening of world wheat production.
The report forecast Australian production of wheat in 2018-19 to drop to 18.5 million tonnes. In comparison, the US looks set to produce 51.29 million tonnes of wheat for the upcoming season, according to the report.
China’s forecast ending stocks for 2018-19 are set at 136.12 million tonnes, accounting for 52 per cent of total world ending stocks.
The report estimated China’s wheat production for the season to be 128 million tonnes.
Argentinian wheat production is slated at 19.5 million tonnes, while Canada is set to produce 31.5 million tonnes of wheat, an increase of 5 per cent on last season’s production.
The European Union — also affected by drought conditions, particularly in Germany — is forecast to produce 137.5 million tonnes of wheat for 2018-19, a 5 per cent drop on last year’s production.
Indian wheat production for the current season has been set by the report at 70 million tonnes, while the Ukraine is forecast to produce 25.5 million tonnes.