Kelly Manufacturing



National & World Ag News Headlines
Global Wheat Trade Expected to Set New Record
USAgNet - 10/24/2016

In its latest round of estimates, USDA now expects 2016-17 world wheat trade will reach a record large 175 million metric tons. Along with rising global demand and a potential shortfall of milling quality supplies, wheat buyers would do well to watch for any price effects and act quickly to cover their needs at the best value.

In its October World Agricultural Supply and Demand Estimates report, USDA noted that, if realized, world wheat trade would be 9 percent greater than the 5-year average of 5.86 billion bushels. The trade volume increase represents availability of large supplies and the continued growth of global wheat consumption. USDA expects total consumption will increase for the fourth consecutive year and reach a record 26.8 billion bushels, compared to the 5-year average of 25.5 billion bushels. That includes estimated feed wheat demand growing 6 percent to a record high 5.32 billion bushels.

Rain increased winter wheat yields but also hurt milling quality in many production areas. In turn, lower prices are making feed wheat more competitive with corn.

USDA expects 2016-17 world wheat production to reach 27.3 billion bushels, up 1 percent from the previous year. If realized, it would be the fourth consecutive year of record world production.

The ample world supply will help meet strong global wheat demand. According to USDA's trade forecast, the U.S. will end 2016-17 with a 15 percent market share in the world wheat trade.


Other National Headlines
Real Wisconsin Cheese Curds
Meyer Manufacturing
Copyright © 2024 - Farms.com. All Rights Reserved.