The August Wheat Outlook Report from the Department of Agriculture shows Russia, Canada and the United States are all expected to recover from their production issues last year.
The report shows Global 2022-23 wheat production is pegged at a record 779.6 million metric tons. Production for Russia is expected at a record 88.0 million metric tons. The Canadian Prairies have received ample rains to recover from the devasting drought in 2021-22. The U.S. Northern Plains and Pacific Northwest have recovered from a major drought last year, but year-to-year growth in production is constrained by drought in the Southern Plains.
U.S. wheat production is forecast at 1.783 billion bushels, up two million bushels from the July forecast. On the other hand, Argentina and Australia are projected down from their record production in 2021-22. A major heat wave has limited the European Union's yield potential. And the ongoing conflict in Ukraine creates a challenge for producers to harvest, and growing conditions have been below average, which has limited yield potential.