FAO – World Supply & Demand Outlook
Wheat production in 2021 lowered m/m (now below last year’s record) with most of the downward revision on account of a reduced output in Iran due to drought, as well as in the EU, Turkey, and the US.
Utilization forecast for 2021/22 remains unchanged, pointing to an increase of 2.2% from the 2020/21 level on strong feed demand and a steady rise in food consumption.
Trade in 2021/22 (July/June) scaled up, mainly reflecting a higher import forecast for Iran; the Russia Federation is expected to remain the largest wheat exporter in 2021/22.
Stocks (ending in 2022) trimmed further and projected to fall below their opening levels, driven by notable drawdowns in Canada, the Russian Federation, and the US.
