USDA Forecasts Wheat World Supply to Rise More Than Expected

By Paulo Trevisani

The U.S. Agriculture Department raised its estimate for world wheat inventories by more than analysts had expected, citing increases for India, Russia, and the EU.

In its latest monthly world supply and demand report, the USDA forecast 2023-24 global wheat ending stocks would be 270.7 million metric tons, up from its previous estimate of 264.3 million tons. Analysts polled by The Wall Street Journal had expected anything between 260 million and 267.3 million tons.

In the U.S., the USDA raised its estimate for wheat inventories, putting ending stocks at 562 million bushels, compared with 556 million bushels for the new crop in the May forecast. The new forecast was in line with WSJ consensus of 525 million to 627 million bushels.

After the report's release, soybeans futures on the Chicago Board of Trade rose 1.5%, to $13.84 a bushel, while corn fell 1.3%, to $6.02 a bushel, and wheat declined 0.4%, to $6.24 a bushel.

Write to Paulo Trevisani at [e-mail]

(END) Dow Jones Newswires

06-09-23 1254ET