USDA Projects Stronger Wheat, Corn Trade in 2020/21
In its most recent report, the US Department of Agriculture (USDA) forecasts global wheat trade at a record 186.6 Mt in 2020/21 (Jul-Jun), up from 183.2 Mt in 2019-20. Supplies from Australia are anticipated to rise by 5.5 Mt to a three-year high of 14.0 Mt, while Argentine exports are projected to gain by 1.0 Mt to 14.5 Mt. Growth in exports to 35.0 Mt would see Russia regain the position of the world’s largest wheat exporter, while EU shipments are forecast to slump to 28.5 Mt.
Meanwhile, global corn trade is projected to rise by 7.9 Mt year-on-year to 182.6 Mt in 2020/21 (Oct-Sep). US exports are anticipated to grow to 55.0 Mt in 2020/21 (+8.0 Mt year-on-year). Brazilian shipments are expected to be flat at 38 Mt, while those from Argentina could fall by 1.0 Mt to 34.0 Mt.