# The USDA raised its consumption forecast and lowered its estimate of wheat stocks, but prices continued to fall

> The April USDA WASDE raised the 2022/23 world wheat consumption estimate by 2.87 million tons to 796.06 million tons and cut the global export forecast by 1.2 million tons to 212.7 million tons. Ending stocks were lowered, but prices fell further after the report.

- Date: 2023-04-12 · published 2023-04-12T12:00:00.000Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/36464-the-usda-raised-its-consumption-forecast-and-lowered-its-estimate-of-wheat
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

Higher consumption and lower exports tighten the balance sheet, but the market read the report as bearish, which suggests weak sentiment is outweighing the fundamental tightening.

## Read by commodity

- WHEAT: neutral
- KWHEAT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2026-04-10 | [USDA Raises Wheat, Corn and Soy Price Estimates - Farm Policy News](https://feedsoft.ai/events/19746-usda-raises-wheat-corn-and-soy-price-estimates-farm-policy-news.md) | +3.8% | +0.3% |
| WHEAT | 2018-05-24 | [Change in USDA Wheat Stocks Estimates](https://feedsoft.ai/events/64973-change-in-usda-wheat-stocks-estimates.md) | -0.8% | -2.2% |
| WHEAT | 2020-05-19 | [USDA: Wheat Stocks Drop, But Prices Hold](https://feedsoft.ai/events/53171-usda-wheat-stocks-drop-but-prices-hold.md) | +2.0% | +0.3% |
| WHEAT | 2026-04-15 | [France lowered its estimate for winter wheat acreage](https://feedsoft.ai/events/19661-france-lowered-its-estimate-for-winter-wheat-acreage.md) | -0.6% | +0.7% |
| WHEAT | 2020-11-10 | [USDA Lowers Corn, Soybean and Wheat Ending Stocks](https://feedsoft.ai/events/50091-usda-lowers-corn-soybean-and-wheat-ending-stocks.md) | -2.8% | +2.5% |
| KWHEAT | 2020-05-19 | [USDA: Wheat Stocks Drop, But Prices Hold](https://feedsoft.ai/events/53171-usda-wheat-stocks-drop-but-prices-hold.md) | +0.2% | -1.8% |
| KWHEAT | 2018-02-22 | [Early Estimates Expect 2018/19 Wheat Production to Fall in the Black Sea - U.S. Wheat Associates](https://feedsoft.ai/events/66432-early-estimates-expect-2018-19-wheat-production-to-fall-in-the-black-sea-u-s.md) | +9.1% | -0.1% |
| KWHEAT | 2019-04-22 | [Low wheat prices predicted for the next 10-years](https://feedsoft.ai/events/59627-low-wheat-prices-predicted-for-the-next-10-years.md) | -4.8% | +0.1% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/the-usda-raised-its-consumption-forecast-and-lowered-its-estimate-of-wheat-stocks-but-prices-continued-to-fall/

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