Washington, DC — Global 2021/22 wheat production edges up only slightly from the prior year, but consumption is projected to rise even more, according to the Oct. 12 Grains: World Markets and Trade report from the U.S. Department of Agriculture.
As a result of smaller crops for some key exporters, importers are increasingly relying upon Australia to meet their needs.
After a multi-year drought, Australia wheat production rebounded in 2020/21, enabling exports to more than double compared to the previous year.
Exports are expected to hit a near-record in 2020/21 and are forecast only slightly lower in 2021/22 as larger beginning stocks offset a smaller crop.
Australia’s share of global exports is forecast to rise to 12 percent in 2021/22 compared to only 5 percent 2 years ago.
Global corn production is up marginally with larger crops in Canada, the European Union, Venezuela, and the United States outweighing smaller crops in Guatemala, Russia, and Ukraine
To read the full report, click here.