China is now the world’s top buyer of wheat
USDA’s April world wheat production forecast shows China is now the top buyer of the grain.
In addition to a rise in global wheat production, World Ag Outlook Board Chair Mark Jekanowski said there were notable changes to the world balance sheet.
“We raised our global feed use forecast by 1.8 million tons. That reflects, in part, a big increase in feed use in China.”
USDA says China is importing wheat from both the U.S. and Australia. Imports are predicted at 12 million tons this year, the highest since 1995.
Jekanowski said the U.S. wheat supply and demand ledger reflected minimal changes, with monthly adjustments lower for feed and exports, which increased ending stocks.
“The current wheat season after price forecast is now at $8.90 per bushel.” That is down a dime from the previous month.
Story via World Grain