World Agricultural Supply and Demand Estimates from the US Department of Agriculture: September Highlights

WHEAT:

  • Global wheat production is raised by 3M/T to a record 708.9M/T. European wheat production is raised by 1.5M/T.
  • Global wheat consumption is lowered on reduced usage.
  • Global wheat trade (trade between countries) is forecast higher on increased demand from Egypt, Iran and Brazil.
  • Global wheat stocks are set to increase.

MAIZE CORN:

  • Global stocks are forecast 1.3M/T higher on increased production and reduced consumption.

OILSEEDS:

  • Global oilseed production is projected at 495.1M/T, a 2M/T on last month’s estimates.
  • USA production is forecast lower (now at harvest).
  • South American production is forecast lower (not yet planted).
  • Chinese production is predicted 0.3M/T lower due to severe yield damage caused by excess rainfall. If realised, this would be the smallest crop since 1992/93 (China are one of the biggest oilseed importers in the world).
  • Higher OSR production forecast for Europe.
  • Global stocks are forecast at 81.2M/T, 0.5M/T higher than last month’s estimate.

SUMMARY:

  • The world feed grain harvest (maize corn and wheat) is in the bag and the world is awash with feed grains – get some feed wheat sold!
  • Oilseed supply and demand is in the balance – figures are reliant on a crop which is not yet sown. Hang on to your OSR there may be fun ahead!

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