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Wheat Outlook: October 2020 Summary
The global 2020/21 wheat production is raised 2.6 million tons this month on larger crops for Russia and the European Union that more than offsets reductions for the U.S. (0.32 million), Argentina (0.5 million), Canada (1 million), and Ukraine (1.5 million) (fig.1). Russian wheat production is now forecast to reach the second-highest level on record because of surging spring wheat production, particularly in the Volga and Central Districts. Bolstered global wheat supplies support fractionally increased global trade. Russia’s exports are raised on expanded supplies while a strong early pace of shipments to China lifts that nation’s import projection and supports a record-high domestic consumption forecast of 130 million tons for 2020/21.