W
heat Outlook
Jen
nifer K. Bond
Olga Liefert
2019/20 Wheat Production, Feed and Residual
Lifted, Exports Continue to Face Headwinds
This month’s USDA, National Agricultural Statistics Service Crop Production report provided revised
winter wheat and desert durum production for 2019/20. On net, winter wheat is raised 6 million bushels
on improved yields. Production gains help to offset the effects of lower carryin stemming from increased
back-year exports and leading to reduced total supplies month-to-month. New crop all-wheat feed and
residual is increased by 50 million bushels on a sharp reduction in corn production and feeding (fig. 1).
Prospects for 2019/20 exports are not improved from the previous month and remain at 900 million
bushels. In 2019/20, recovery in European Union (EU) and Australia production and exportable
supplies creates formidable competition for U.S. wheat in global markets. On expectations for larger
crops, Russia and Ukraine exports are both raised a million tons this month and further inhibit growth in
U.S. exports in 2019/20.
0
5
00
1,000
1,500
2,000
2,500
3,000
3,500
4,000
E
nding stocks
F
eed and residual
Ex
ports
F
ood
S
eed
S
ource: USDA, World Agricultural Outlook Board, WASDE.
F
igure 1: Both new and old crop U.S. wheat utilization are raised as ending stocks tighten
M
il. bu
Economic Research Service | Situation and Outlook Report
N
ext release is
J
uly 15, 2019
W
HS-19f
|
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une 13
,
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9
In this report:
- Do
mestic Outlook
- I
nternational Outlook
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