# USDA Reports Provides First Look Into 2023/24 Crop Year

> USDA's May 12 WASDE gave the first 2023/24 wheat outlook, projecting record 2023/24 world production of 789.7 MMT but a fourth straight year of consumption exceeding output. Global ending stocks are forecast at a eight-year low of 264.3 MMT, with major-exporter output down 10 MMT led by Russia and Australia.

- Date: 2023-05-24 · published 2023-05-24T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/35983-usda-reports-provides-first-look-into-2023-24-crop-year
- Commodities: [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Tightening stocks and lower Russian and Australian output support wheat prices, while wheat feed substitution affects corn and meal demand for feed buyers.

## Read by commodity

- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| KWHEAT | 2021-03-08 | [WHEAT SCOOP: First look into 2021/22 wheat marketing year](https://feedsoft.ai/events/48161-wheat-scoop-first-look-into-2021-22-wheat-marketing-year.md) | -3.6% | -8.8% |
| KWHEAT | 2025-01-10 | [Annual Crop Production Summary & Winter Wheat Seeding Reports Published by USDA - Oklahoma Farm Report](https://feedsoft.ai/events/13124-annual-crop-production-summary-and-winter-wheat-seeding-reports-published-by.md) | -0.4% | +9.8% |
| KWHEAT | 2017-05-11 | [Rural News Crop report pegs cut in global wheat production next year, but record stocks set to remain](https://feedsoft.ai/events/70950-rural-news-crop-report-pegs-cut-in-global-wheat-production-next-year-but-record.md) | -0.3% | +6.1% |
| KWHEAT | 2018-08-13 | [No surprises in USDA report \| Farm Online \| ACT](https://feedsoft.ai/events/63483-no-surprises-in-usda-report-farm-online-act.md) | +0.9% | -10.0% |
| KWHEAT | 2023-05-31 | [USDA lowers ag trade forecast for FY 2023 \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/5571-usda-lowers-ag-trade-forecast-for-fy-2023-agri-pulse-communications-inc.md) | +4.7% | +2.2% |
| WHEAT | 2021-03-08 | [WHEAT SCOOP: First look into 2021/22 wheat marketing year](https://feedsoft.ai/events/48161-wheat-scoop-first-look-into-2021-22-wheat-marketing-year.md) | -2.8% | -2.7% |
| WHEAT | 2026-05-14 | [Markets React as USDA Releases First Look at 2026/27 Estimates](https://feedsoft.ai/events/19193-markets-react-as-usda-releases-first-look-at-2026-27-estimates.md) | +0.7% | -4.2% |
| WHEAT | 2026-06-01 | [USDA Releases First New-Crop Estimates in Today's WASDE](https://feedsoft.ai/events/19197-usda-releases-first-new-crop-estimates-in-today-s-wasde.md) | -2.6% | -1.5% |

## Sources

- uswheat.org: https://uswheat.org/wheatletter/usda-reports-provides-first-look-into-2023-24-crop-year/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.