This month, 2018/19 all-wheat production for Australia and Russia is collectively lowered by 2.5 million metric tons.
These cuts more than offset a slight production increase for the U.S. and help to tighten the global all-wheat balance sheet.
At 260.2 million metric tons, global ending stocks are now 5 percent below last year’s record-large carryout (figure 1).
Growing global use, fueled by expanding demand for wheat, contributes to balance sheet tightness and provides support for maintenance of the U.S. export figure at 27.9 million metric tons (1,025 million bushels), despite sluggish first quarter exports.