Global Wheat Market Summary
Introduction
- Host Welcome: Welcome to the weekly summary of the global Wheat market for June 11th, 2024.
- Further Information: For more detailed reporting and analysis, visit the CropGPT website.
United States
- Kansas Winter Wheat:
- Ongoing drought conditions affecting the crop.
- USDA reports over 13% of the crop in poor or worse condition.
- Early spring dry spell stunted plant growth.
- 2024 crop emergence higher than 2023, but condition deteriorated to 34% rated poor or worse.
- Regional variance: central and western regions facing drought, northeastern regions experiencing oversaturation.
- Farmers facing decisions on whether to persist with weak crops or replant.
China
- Winter Wheat Harvest:
- 57% of the crop harvested, ahead of schedule.
- Harvesting completed in Sichuan and Hubei, progressing in other provinces.
- Favorable weather predictions for continued harvest.
- Grain output increased by 1.3% year-on-year in 2023 to 695.41 million tonnes.
- Central government increased support prices for wheat and rice to boost domestic production.
- Enhancements in grain storage and processing systems, new food security laws aiming for self-sufficiency.
Brazil
- Wheat Producers:
- Rising temperatures and extreme weather affecting seed production and viability.
- Adaptations in crop management and altered harvest schedules.
- Innovations in pre-cleaning and storage treatments to maintain seed quality.
- Strategies to acclimatize wheat crops to changing climate conditions.
Russia
- Severe Frost:
- Potential emergency declarations to aid affected farmers.
- Sovecon agricultural consultancy downgraded wheat yield forecasts.
- EU tariffs on cereals could impact exports, with alternative markets being explored.
- Challenging weather and international policy changes creating uncertainty.
Global Overview
- Australia:
- Predicting a slight increase in wheat production for 2024-2025 due to expanded planting areas.
- Some regional dry conditions expected to recover later in the season.
- India:
- Projecting a record wheat production of 112.92 million tonnes for 2023/24.
- Zimbabwe:
- Expanding wheat planting area significantly, potentially leading to substantial increase in production.
- Global Demand:
- Anticipated rise in wheat demand influencing market dynamics, particularly due to crop reductions in key exporting countries like Russia.
