USDA Raises Wheat Export Estimates For Brazil And Argentina

WASHINGTON, April 10: The April supply and demand report released by the U.S. Department of Agriculture on Friday showed an upward revision to wheat export estimates for Brazil and Argentina, offsetting a downward revision to European Union wheat exports.

The USDA raised its 2021/22 wheat export forecast for Brazil and Argentina by a combined 1.3 million tonnes, while lowering its EU wheat export forecast by 3.5 million tonnes.

Ukrainian wheat exports for 2021/22 were lowered by 1 million tonnes to 19 million tonnes from last month's forecast of 20 million tonnes, still above the previous year's 16.85 million tonnes, due to disruptions to Black Sea port operations caused by the conflict. Russian wheat exports were raised from 32 million tonnes to 33 million tonnes, but still below the previous year's 39.1 million tonnes.

This month the USDA kept its 2021/22 Australian wheat export forecast unchanged at 27.5 million tonnes. Indian wheat export estimates were also unchanged at 8.5 million tonnes. 

In comparison, US wheat exports are expected to be 21.36 million tonnes, down from the March forecast of 21.77 million tonnes