USDA overview

EU production is projected to decline nearly 12 million tons to 143 0 million on lower harvested area and yields. Ukraine production is also projected lower at 28.0 million tons, still the second largest on record. 

The initial outlook for 2020/21 international wheat production is for increased supplies, increased trade, greater consumption, and higher ending stocks.

Foreign supplies are projected to increase 23.2 million tons to 982.4 million as several major exporters (Argentina, Australia, Canada, and Russia) are projected to have higher production for 2020/21. Australia is projected with the largest increase from last year to 24.0 million tons, up 8.8 million as it recovers from a multi-year drought.