The United States, traditionally the No 1 wheat exporter, will take a back seat to the European Union for the second year in a row, says the Grains: World Markets and Trade report. The EU is forecast to export a record 33.5 million tonnes of wheat this year, some 9.5 million tonnes more than the United States, which would tie for second-place with Canada. Last year, the EU edged the United States by half-a-million tonnes for the top spot. For Canada, this would be the first time its wheat exports match the U.S. volume, says USDA.
Huge EU exports are possible due to a record harvest of 156.5 million tonnes in 2014, 13 percent larger than average. “Favorable growing conditions in the EU, combined with large carry-in, imply another year of exportable surplus,” said USDA.
USDA will make its first forecasts of the 2015 wheat crop around the world on May 12.