USDA increase global supplies, ending stocks and consumption for Wheat

As per the recent WASDE report, 2022-23 wheat forecasted an increase in production, consumption, trade, and ending stocks. Supply-side is projected up by 1.3 MMT to 1059 MMT as compared to the previous estimate. Production is raised by 1 MMT to 782.7 MMT as estimates for Australia, Kazakhstan and UK increased while there is a decline expected in Argentina and the EU.  Global ending stocks are expected to increase by 0.3 MMT to 267.8 MMT with an increase in Australia and India.