| Wheat Global wheat supply and demand this month has eased slightly, with global production estimates increased and easing ending stocks. In a raft of changes to production estimates, mostly already well known, global supplies have, on paper, slightly eased. Reduced US exports, amid sluggish sales, contributed toward US ending stocks up to 16.28Mt, from 15.87 estimates made in November. Australian production, at 34Mt was expected, an increase from 31.5Mt, with exports assumed to increase and ending stocks eased. Estimates for the Canadian wheat crop were marginally increased, but still tight, but the increase does slightly ease stocks. Russian wheat production numbers where also raised, up 1Mt with a build-up in stocks. Corn While there were a number of changes made to global wheat supply and demand, there were limited changes made to corn. Corn production estimates for Ukraine were raised 2Mt to 40Mt, while EU production estimates were also increased, up from 67.85Mt to 70.35Mt. Chinese corn imports were left at 26Mt, and so too were US export projections. Soybeans Global supply and demand estimates for soybeans were even more limited in their approach, with no game changers or dramatic surprises. The US, Argentina and Brazil were all left unchanged, as were Chinese imports. But Chinese domestic production was trimmed, alongside ending stocks. Read the full WASDE here |
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