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AMIS Market Monitor

last release: 7 March 2024

Supply & Demand

2022/23

2023/24

estimate

1 Feb

7 Mar

Production

805.6

788.5

787.3

Supply

1104.9

1111.3

1110.1

Utilization

779.2

794.3

793.3

Trade

199.9

197.4

197.5

Ending Stocks

323.2

319.7

318.9

in million tonnes

  • Wheat production in 2023 now stands 2.3 percent below 2022 level following a revision this month largely on lower estimate in India.
  • Utilization in 2023/24 also lowered m/m, mostly for other uses, but still set to increase by 1.8 percent above the 2022/23 level led by strong growth in feed use.
  • Trade in 2023/24 (July/June) nearly unchanged and still headed for a 1.2 percent decrease from the 2022/23 level with smaller shipments from Australia and weaker demand from China, EU, and Türkiye.
  • Stocks (ending in 2024) forecast trimmed, reflecting lower stocks in India due to lower production, and set to decline by 1.3 percent below opening levels.