According to the FAO-AMIS database, global 2023/2024 wheat production will come in at 783.3 million mt, 2.3 million mt smaller than last year’s.
Global domestic utilization of wheat will reach 782.7 million mt, just a fraction below total production.
Global ending stocks will increase fractionally by 920k mt to 313.9 million mt (311.1 million mt last crop year).
FOB wheat prices increased by $18-30/mt following the renunciation of the grain corridor in the Black Sea. Prices have eased again since as traders are trying to anticipate the logistic outfall from the latest events.
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