Per latest data released yesterday by the FAO, wheat 2021 production trimmed further, mostly on lower estimates for Brazil and the UK, resulting in global production falling by nearly 1 percent from last year’s record.Utilization in 2021/22 lowered on weaker feed use expectations, especially in the EU, but still rising by 2.0 percent from the previous season.

Trade in 2021/22 (July/June) to expand by 2.2 percent from the 2020/21 level, driven by robust demand, especially from the Near East to compensate for reduced harvests.

Stocks forecast (ending 2022) scaled up m/m but still expected to fall 1.7 percent below opening levels, with most of the drawdown concentrated among major exporters.

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