Global Wheat Market Summary
Introduction
Host Welcome: Welcome to the weekly summary of the global Wheat market for June 11th, 2024.
Further Information: For more detailed reporting and analysis, visit the CropGPT website.
United States
Kansas Winter Wheat:
Ongoing drought conditions affecting the crop.
USDA reports over 13% of the crop in poor or worse condition.
Early spring dry spell stunted plant growth.
2024 crop emergence higher than 2023, but condition deteriorated to 34% rated poor or worse.
Regional variance: central and western regions facing drought, northeastern regions experiencing oversaturation.
Farmers facing decisions on whether to persist with weak crops or replant.
China
Winter Wheat Harvest:
57% of the crop harvested, ahead of schedule.
Harvesting completed in Sichuan and Hubei, progressing in other provinces.
Favorable weather predictions for continued harvest.
Grain output increased by 1.3% year-on-year in 2023 to 695.41 million tonnes.
Central government increased support prices for wheat and rice to boost domestic production.
Enhancements in grain storage and processing systems, new food security laws aiming for self-sufficiency.
Brazil
Wheat Producers:
Rising temperatures and extreme weather affecting seed production and viability.
Adaptations in crop management and altered harvest schedules.
Innovations in pre-cleaning and storage treatments to maintain seed quality.
Strategies to acclimatize wheat crops to changing climate conditions.
Russia
Severe Frost:
Potential emergency declarations to aid affected farmers.
Sovecon agricultural consultancy downgraded wheat yield forecasts.
EU tariffs on cereals could impact exports, with alternative markets being explored.
Challenging weather and international policy changes creating uncertainty.
Global Overview
Australia:
Predicting a slight increase in wheat production for 2024-2025 due to expanded planting areas.
Some regional dry conditions expected to recover later in the season.
India:
Projecting a record wheat production of 112.92 million tonnes for 2023/24.
Zimbabwe:
Expanding wheat planting area significantly, potentially leading to substantial increase in production.
Global Demand:
Anticipated rise in wheat demand influencing market dynamics, particularly due to crop reductions in key exporting countries like Russia.
