Miller Magazine Issue: 140 August 2021

85 MARKET ANALYSIS MILLER / august 2021 The United States Department of Agricul- ture (USDA) lowered global wheat produc- tion by 2.0 million mt to 792.4 million mt but still remains at a record. Projected 2021/22 global trade is raised 0.8 million tons to a record 204 million, on increased exports by the EU, Ukraine, and Australia offsetting reductions in Canada, Kazakhstan, and the United States. Projected 2021/22 world ending stocks are lowered 5.1 million tons to 291.7 million but remain above last year. In the July World Agriculture Outlook Supply and De- mand Estimates report, USDA lowered global wheat production by 2 million metric tons (MT) to 792.4 mil- lion MT. Production for the United States is lowered 4.1 million MT to 47.5 million with a smaller spring wheat and durum crop more than offsetting a larger winter wheat production. Wheat production outside the Unit- ed States is increased by 2.1 million MT to 744.9 million MT, driven mainly by a larger crop for Australia, with other revisions largely offsetting. Australia’s production is projected 1.5 million MT higher at 28.5 million with stronger expected yields more than offsetting a reduc- tion for area harvested. Yields are raised with favorable conditions during the key planting and early vegetative stages. USDA lowers global wheat supply forecast