6 lakh tonne increase in estimate of global outstanding stock of wheat

13-Sep-2024 06:27 PM

Chicago. Preparations for harvesting of new wheat crop have already started in the member countries of America, Canada, Russia, Ukraine and European Union.

The US Department of Agriculture has not made any major changes in the balance sheet of wheat in America in its latest monthly report.

According to it, at the end of the 2023-24 season, there was an outstanding surplus stock of 82.80 crore bushels of wheat available in America, which will be added to the crop of 2024-25.

As far as the global level is concerned, USDA has increased the estimate of total outstanding stock of wheat by 6 lakh tonnes to 25.722 crore tonnes.

The main reason for this is the increase in the estimate of Canadian stock. On the other hand, the wheat production estimate in the European Union has been drastically reduced by 40 lakh tonnes, while the production estimate in Ukraine has been increased by 7 lakh tonnes.

A leading analyst firm has predicted that wheat production in the European Union may shrink to 1144 lakh tons, which is 21 lakh tons less than the August estimate and 10 percent less than last year's production. In fact,

the weather conditions in many countries of the European Union were not favorable for the wheat crop and it also suffered some damage due to natural disasters.

Yesterday, Egypt's government grain procurement agency - GASC bought 4.30 lakh tons of wheat from Russia under private purchase, the shipment of which is scheduled to be made next month i.e. October.

The condition of the crop in Australia is said to be satisfactory, while its sowing in Asia is likely to start from next month.

The top three wheat producing countries include China, India and Russia. Russia is also its major exporter.