USDA: Russian Wheat Output to Rise, but Ending Stocks down

 The USDA Foreign Agriculture Service has revised its forecast for Russian wheat prior to the official November report release on Friday.

 The forecast for wheat production has increased by 1.5 million tons to 74 million tons from October. The new figure is up by 3.2% from last season.

 The export forecast has been unchanged at 34 million tons from last month, and still 4% down from 2018/19.

 The forecast for domestic wheat consumption has increased, taking into account feed consumption, by 4.6% to 41.35 million tons, 2% up from last season.

 The forecast for the 2018/19 Russian wheat ending stocks has been cut by almost 25%, around 30% below USDA’s October estimates, Grain On-Line agency reported citing USDA’s webpage.