Australia Enjoying Strong Wheat Harvest

When it comes to the global wheat picture, the USDA focuses Australia.

"For the harvest that is currently underway, we increased our production forecast for Australia by 2.5 million metric tons. Up to 34 million tons.  That would be the second highest production on record."

World Agricultural Outlook Board Chair Mark Jekanowski said that's due to abundant rains, including at the end of the harvest, which could cause quality issues. Still, with Australia's significant wheat production, combined with month over month increases of what Canada, Russia and the European Union produced, global wheat production forecasts are up this month by 2.6 million tons.

"With that higher supply, we also increased our feet use estimate trade forecast increased, as well, this month," Jekanowski continued. "When you balance it all out, ending stocks are forecast up, as well, by about 2.4 metric tons."

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