WASHINGTON--The World Ag Supply and Demand Estimate report is out and a key part of the report is how commodity markets will react to COVID-19 uncertainty.
Wheat planted acres are in, and are expected to be just slightly down from last year at 44.7 million acres, down 1%. Yields are estimated to top 49.5 bushels per acre, that's down, about 2% from last year at 1.9 billion bushels.
Wheat demand this winter had an unexpected up-tick up some 7 million bushels thanks to COVID-19. Shoppers stocked up on bread and wheat products and it showed up in the stats.
But according to the USDA wheat exports are expected to be down by 30 billion bushels.
Total supplies of wheat for this year are estimated to be 2.98 billion bushels, That's down almost 4% from last year.
The overall changes in US domestic wheat demand shows US domestic wheat use at 1.157 billion bushels last year and falling to 1.125 billion bushels this year.
The report highlights falling wheat supply, but the USDA is also projecting falling demand as the Pandemic continues to impact US Wheat production.