USDA World Agricultural Supply and Demand Estimates – June 2012
Posted by Anderson Grain Marketing on Jun 15, 2012 in AGM News | 0 comments
The latest monthly WASDE report from the USDA is now available to view online.
The full report (as a PDF file) can be found here:
http://www.usda.gov/oce/commodity/wasde/latest.pdf
Alternatively, here are a few main points that I have summarised:
OILSEED
Global Oilseed production for 2012/13 is projected at 470.8M/T, down 0.7M/T from last month.
China’s soybean production is reduced by 0.5M/T – lower area given to soya as they shift towards more maize corn.
ALSO – reduced rapeseed production for EU-27, increased rapeseed production for Russia.
Brazil’s soybean production is increased 0.5M/T on last month to 65.5M/T.
Argentina’s soybean production is reduced 1M/T to 41.4M/T.
WHEAT
Global wheat supplies for 2012/13 are lowered 7M/T (beginning stocks have lowered 1.5M/T – due to higher than anticipated consumption and world production is expected down 5.5M/T).
World production is mainly down because reduced crop prospects in several exporting countries:
Russia – production is reduced 3M/T due to a continuation of spring dryness and indications of crop development problems resulting from winter freeze damage.
EU-27 – production is reduced 1M/T with reduced acreage in Germany, Poland and Spain – which have been only partly offset by higher than previously expected yields in France and Bulgaria.
Turkey – production is lowered 1M/T due to winter frost damage and disease problems reduce yields across the central growing areas.
Global wheat consumption for 2012/13 is lowered 4.6M/T due to reduced prospects for wheat feeding and food use.
World ending stocks for 2012/13 are projected at 185.8M/T – down 2.4M/T from last month.
MAIZE CORN
World corn production for 2012/13 is increased by 4.2M/T:
China – production estimates are raised 2M/T based on favouring drilling maize corn instead of soybeans.
EU-27 corn production is increased 1.1M/T (mainly from Hungary).
Russia – production is up 0.8M/T due to a higher than previously thought drilled area.
Global corn consumption is increased by 2.4M/T – this is because of a higher demand for pork and poultry production.
Global corn ending stocks are projected 3.4M/T higher.