I thought it would be useful to also look at a previous 10-year outlook covering 2015-2024 to see how those projections fared.
Wheat output was expected to reach 129.3 million tons in 2024 but reached 140.0 million tons. The projection was correct that wheat area would decline slightly, but it underestimated gains in yields.
Wheat demand for feed was estimated at 18.33 million tons, or 14% of consumption. Feed demand in 2024 was 31 million tons, or 21% of consumption. This was down from a high i...